Stockbridge Private Wealth Management

Personalized Financial Strategies for a Secure Retirement

Eric Ludwig

Bitcoin, Gold & Market Volatility: What Advisors Need to Know About Client Sentiment

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What are clients really talking about with their financial advisors right now? And what does that tell us about where markets are headed?

In the debut full episode of the Financial Insights Show, Eric Ludwig and Liam Hanlon dig into what’s actually happening in advisor-client conversations during a period of rising market volatility. Drawing on conversational intelligence data, they explore why clients are bringing up crypto more than US equities, why sentiment is lower than it’s been in years, and what the best advisors are doing differently to strengthen client relationships when uncertainty is high.

Key Takeaways:

  • Volatility is an advisor’s worst enemy
  • Don’t bring up gold, silver, or crypto unless clients do
  • Clients are more likely to bring up crypto than US equities
  • Focus on getting client sentiment up by discussing goals and planning
  • Advisor conversations can be a leading indicator of market trends
  • The best advisors spend 40% of meetings on goals and planning
  • Avoid proposing new investments until client sentiment improves

Episode Chapters:

00:00 Olympics and Personal Interests
03:32 WealthCon and Industry Events 0
6:39 Upcoming Speaking Engagements
07:41 Market Trends and Pop Quiz
09:30 Bitcoin’s Role in Investment Portfolios

12:39 Volatility and Client Relationships

15:42 Crypto Market Insights

17:44 Market Dynamics and Conspiracy Theories

19:17 The Role of Social Media in Financial News

20:30 Client Conversations: Gold, Silver, and Crypto

23:20 Client Initiation in Asset Discussions

25:55 Impact of Advisor Conversations on Client Sentiment

29:10 Market Volatility and Client Fears

32:31 Divergence of Market Sentiment

36:15 Predictive Indicators in Market Conversations

41:50 Strategies for Advisors in Low Sentiment Markets

Connect with Eric Ludwig on LinkedIn and Liam Hanlon on LinkedIn.

Why Starting Early Builds Retirement Confidence (Not Just Bigger Balances)

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When people think about retirement planning, they often focus on account balances. How much have I saved? Am I behind? Am I on track?

Recent research suggests a different lens may matter more early on: confidence.

I was recently quoted in a new article from Nationwide Retirement Institute, which analyzed how younger savers are approaching retirement differently than previous generations. The findings reinforce something we see consistently in practice: when people start saving earlier, they don’t just accumulate more money — they feel more prepared.

The Confidence Gap Is Real

Analysis of Nationwide Retirement Institute research by my team at The American College of Financial Services highlights just how meaningful an early start can be.

Among individuals who began saving for retirement by age 25:

  • 75% report feeling confident or cautiously optimistic about their retirement future

By contrast, among those who started later:

  • Only 46% report feeling the same way

That’s a 30-point confidence gap tied largely to when people started — not how much they had saved at the time.

Even when looking beyond that cutoff, the pattern holds. Those who feel optimistic about retirement generally began saving around age 30 or earlier. Those who feel anxious or pessimistic tended to start closer to age 32 or later.

The difference is small in years, but large in impact.

Why Timing Affects Confidence

The takeaway from this research is not that late starters are doomed. It’s that behavior shapes mindset.

Starting earlier does a few important things:

  • It builds familiarity with saving and investing
  • It normalizes market ups and downs
  • It creates a sense of momentum

Over time, that momentum translates into confidence. People who start earlier tend to view retirement as something they are actively preparing for, rather than something they hope will work out.

As I shared in the article:

“The lesson is simple: don’t wait for the perfect moment or the perfect amount to start saving. Building the habit early — even with modest contributions — sets the foundation for decades of confidence and better retirement readiness.”

That foundation matters just as much as the math.

What This Means for Planning

For younger savers, the goal should not be to hit an arbitrary dollar target early in life. Instead, the priority is to:

  • Start saving as soon as practical
  • Make contributions automatic
  • Increase savings gradually as income grows

Confidence doesn’t come from one big decision. It comes from repeated, manageable actions that reinforce the feeling of progress.

For those who started later, the research is still encouraging. Confidence is not fixed. It can improve with structure, clarity, and a plan that aligns savings with real future spending needs.

Bringing Confidence Into the Conversation

At Stockbridge, we see retirement planning as more than optimizing returns. A good plan should reduce anxiety, create clarity, and help people feel prepared for what comes next.

The Nationwide research reinforces that idea. Confidence is not an abstract concept. It is shaped by habits, decisions, and how early people begin engaging with the process.

If you’re unsure whether you’re “behind,” a more useful question may be: Do I have a plan that helps me feel confident about the future? That question often leads to better decisions than comparisons alone.

You can read the full Nationwide article here:
👉 New Year, New Savings: Young Savers Are Avoiding the Mistakes Older Savers Regret — You Can Too

About the Author

Eric Ludwig, PhD, CFP®, is a retirement income specialist and founder of Stockbridge Private Wealth Management, based in Sun Prairie, Wisconsin, serving clients throughout the Madison area and nationally. He is also Director of the Center for Retirement Income at The American College of Financial Services.

Retirement Savings Under 35: What the Data Says—and What Actually Matters

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Recent data on retirement savings for Americans under age 35 paints a mixed picture. Participation is improving, but balances remain modest for most households. Headlines often frame this as a problem. The reality is more practical—and more encouraging—than it first appears.

I was recently quoted in an Investopedia article examining what retirement savings look like for Americans under age 35, using the latest Federal Reserve data. The data provide helpful context, but the real takeaway for younger savers often gets missed in the headlines.

You can read the full Investopedia article here.

What the Numbers Show

According to Federal Reserve data summarized by Investopedia:

  • Roughly half of Americans under 35 have any retirement savings at all
  • Among those who do, median balances are under $20,000

On the surface, those figures can feel discouraging. In context, they are fairly typical for this stage of life.

Early adulthood is often defined by:

  • Entry-level income
  • Career changes
  • Student loan repayment
  • Housing transitions
  • Starting families

Expecting large retirement balances during this phase misunderstands how long-term wealth actually builds.

Why Early Saving Is About Behavior, Not Balances

For younger savers, the primary value of retirement saving is not the current account balance. It is the behavior being established.

Starting early matters because:

  • Compounding has more time to work
  • Contributions grow alongside income
  • Habits formed early tend to persist

A small, consistent contribution in your 20s or early 30s often does more for long-term outcomes than large but irregular contributions later.

In other words, the most important question under 35 is not “How much do I have?” but “Am I building the habit?”

A Better Benchmark for Younger Adults

Instead of comparing yourself to national averages, a more useful early benchmark is this:

By your early 30s, work toward having one year of core living expenses set aside across retirement and long-term savings accounts.

This reframes progress around future spending needs rather than arbitrary income multiples. It also scales naturally as careers develop and incomes rise.

Common Mistakes to Avoid Early On

Younger savers often fall into one of two traps:

  1. Waiting for the “right time” to start
    There is rarely a perfect moment. Progress matters more than timing.
  2. Overreacting to market swings
    Volatility is uncomfortable but normal. Long time horizons allow risk to be managed, not avoided.

Neither mistake is fatal—but both can slow momentum if left unchecked.

The Long View

Retirement planning is not won or lost in your 20s or early 30s. It is shaped by decisions made consistently over decades.

If you are under 35 and saving at all, you are already ahead of where many eventually start. The goal now is to keep the process simple, automatic, and aligned with how you expect to live in the future.

About the Author

Eric Ludwig, PhD, CFP®, is a retirement income specialist and founder of Stockbridge Private Wealth Management, based in Sun Prairie, Wisconsin, serving clients throughout the Madison area and nationally. His work focuses on helping households translate savings into sustainable retirement income.

How Much Should You Have Saved for Retirement by Age 35–44?

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How Much Should You Have Saved around age 40?

In your 30s and early 40s often comes with competing financial priorities — from housing costs and student debt to family expenses. Federal Reserve data shows that while participation in retirement accounts for people age 35–44 remains relatively high, median balances have fallen in recent years compared with pre-pandemic levels. Investopedia

Key Facts from the Latest Data

  • Participation: Roughly 61.5% of households aged 35–44 had retirement savings in 2022, the most recent data available. That’s higher than younger age groups and one of the strongest participation rates across age brackets. Investopedia
  • Median Savings: Among those with retirement accounts, the median balance in this age group was about $45,000 in 2022. This median level — less affected by outliers — is lower than comparable figures from 2019. Investopedia

These figures indicate that while many in this age range do save for retirement, the progress has slowed or stagnated for many households compared with historical trends.

What This Means for Your Retirement Progress

The typical savings figures for ages 35–44 may feel modest relative to what people need for a secure retirement, especially as incomes and expenses both rise in midlife. Given the impact of rising costs — especially housing, childcare, and student loans — the data reflect a real challenge for many savers. Investopedia

Financial goals in this decade of life can get crowded out by everyday living expenses. But consistency in saving matters more than trying to time the market or make up lost time later.

Practical Perspectives on Midlife Saving

As I noted in the original Investopedia article:

Income growth in midlife has been uneven, with gains concentrated among higher earners, while housing affordability, student loans, and childcare costs have absorbed much of the rest. Investopedia

I also emphasized two behavioral reframes that can help savers build momentum:

1. Think in terms of expenses — not just income.
Retirement isn’t about replacing a paycheck; it’s about covering spending in retirement. A savings multiple based on expenses can be a more meaningful target than one based on income alone. Investopedia

2. Approach each raise with intention.
Every income increase presents a choice: boost retirement contributions or upgrade your lifestyle. Prioritizing the former can significantly improve long-term outcomes. Investopedia

Benchmarks That Work

There’s no one-size-fits-all number, but general planning guidance suggests aiming for savings equal to 2–3× your annual household expenses by your mid-40s. That target helps align retirement preparedness with real spending needs rather than arbitrary dollar amounts. Investopedia

Action Steps to Strengthen Your Retirement Position

Here are practical habits that can move the needle:

  • Increase retirement contributions gradually — even 1% more each year adds up.
  • Maximize employer retirement matches — it’s free money that should never be left behind.
  • Separate retirement goals from other financial goals — treat your retirement contributions as non-negotiable.
  • Review your investment allocation periodically — ensure it matches your risk tolerance and timeline.

Final Thought

If retirement saving feels slow in your 30s and early 40s, you’re not alone — the data shows this is a common experience. What differentiates long-term success is intentional and consistent saving over time, even when balances feel modest today.

Fetching benchmarks is useful. But building habits, focusing on expenses, and making incremental improvements year after year make a bigger difference in reaching your retirement goals.

If you’re in the Madison, WI area and want to understand how your retirement savings translate into future income, working with a retirement income specialist can help clarify next steps.

Eric Ludwig, PhD, CFP®, is a retirement income specialist and founder of Stockbridge Private Wealth Management, based in Sun Prairie, Wisconsin, serving clients throughout the Madison area and nationally.

The Hidden Costs of Aging in Place: What Baby Boomers Need to Know

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The Hidden Costs of Aging in Place: What Baby Boomers Need to Know

As featured in Straight Arrow News

The housing market has a baby boomer problem. With 61% of boomers saying they never plan to sell their homes, millions of properties are staying off the market, creating a bottleneck for younger buyers. But as I recently told Straight Arrow News, there’s a critical financial planning aspect that many families aren’t considering.

“Most people prefer to age in place, which is fine if you’re planning for it and you can pay for it,” I explained to the publication. “I’ve had plenty of clients who thought, ‘I can take care of Dad’ at home, and it works until it doesn’t.”

The Real Cost of Staying Put

The desire to age in place is understandable and often the right choice. However, too many families make this decision based on emotion rather than comprehensive financial planning. The math isn’t always as simple as “keeping the house is cheaper.”

Consider these often-overlooked costs:

Home Modifications: Most homes need significant updates for safe aging in place. Bathroom renovations, stair lifts, ramps, and wider doorways can easily cost $15,000-$50,000 or more.

Increased Care Costs: While institutional care is expensive, professional in-home care can be equally costly. Full-time care at home often runs $4,000-$6,000 per month in many markets.

Opportunity Cost: The equity tied up in a large family home could be generating income elsewhere. A $500,000 home represents potential investment income that many retirees desperately need.

Family Financial Strain: Adult children often shoulder unexpected costs when parents age in place, from lost wages due to caregiving responsibilities to emergency home repairs.

The Capital Gains Red Herring

Many families point to capital gains taxes as the reason for not selling, but this often masks deeper issues. Yes, the tax implications are real, but they shouldn’t drive the entire decision. For many families, the tax cost is manageable compared to the long-term financial benefits of right-sizing.

More importantly, capital gains concerns can prevent families from having crucial conversations about care preferences, family dynamics, and realistic long-term costs.

A Better Approach to the Decision

Rather than defaulting to “we’ll figure it out,” families need structured planning that considers:

1. Total Cost Analysis: Calculate the true cost of aging in place versus alternatives over 10-15 years, including home modifications, care costs, and opportunity costs.

2. Care Preferences and Realistic Assessment: Honestly evaluate the level of care that may be needed and whether the home can accommodate it safely.

3. Family Capacity: Assess the real ability and willingness of family members to provide care, including the financial impact on their own retirement security.

4. Flexibility Planning: Build in decision points and triggers for when the plan might need to change.

The Bottom Line

Aging in place can be a wonderful option, but only when it’s properly planned and funded. The families who succeed are those who make the decision based on comprehensive financial analysis rather than hope and emotion.

If you’re part of the 84% of Americans planning to age in place, make sure you’re planning for it financially. The time to have these conversations and run the numbers is now, while there are still options and choices available.

Eric Ludwig, CFP®, is Director of the Center for Retirement Income at The American College of Financial Services and CEO of Stockbridge Private Wealth Management. If you’d like to discuss aging in place planning or retirement income strategies, contact our team for a consultation.

The Retirement Spending Smile: Why You Might Need Less Than You Think

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   One of the biggest fears I hear from clients is running out of money in retirement. It’s why many people over-save, work longer than necessary, and delay enjoying life while they’re still healthy enough to do so.      But here’s something surprising from the research: you probably won’t maintain constant inflation-adjusted spending throughout retirement. In fact, most retirees don’t.

     A 2014 study discovered a “retirement spending smile.” Instead of spending staying flat or increasing with inflation, real spending follows a curved pattern that resembles a smile.      Here’s what often happens: In early retirement (the “go-go” years), spending is highest as retirees travel, eat out frequently, and pursue new hobbies. Then spending decreases, often by 1-2% per year, during the middle retirement years (the “slow-go” years) as activity naturally declines. Finally, spending levels off or ticks up slightly in late retirement (the “no-go” years) when healthcare costs rise, but even this uptick doesn’t fully offset the earlier decreases.     

JP Morgan confirmed this pattern using their own client data of households with $1-2 million in assets. They found real spending decreased about 1% annually through the first 20 years of retirement.     

The implications are significant. If you’re planning for constant inflation-adjusted spending, you might be targeting 15-20% more savings than you actually need. That could mean working years longer than necessary or leaving significant wealth unspent at death.     

This doesn’t mean you should under-save. Rather, it means being realistic about spending patterns can help you make better decisions about when to retire and how much you can safely spend in those critical early retirement years when you’re healthiest.     

The real risk isn’t running out of money; it’s missing out on life experiences during the years when you can most enjoy them. The research suggests you have more flexibility than traditional retirement models would indicate.

Want to understand what your personalized retirement spending pattern might look like? Schedule a complimentary review to see if you’re on track—or if you might be over-saving.