Webinar for Individuals & Families: 2026 Mid-Year Outlook
On the surface, personal finance isn't complicated. Spend less than you make, save consistently, and invest with a time horizon long enough to ride out the noise. Most of the people we work with are already doing all three, and doing them well.
The details underneath those basics – the timing of a Social Security claim, whether your beneficiaries are up to date, or whether your plan is enabling you to achieve your goals – are what actually shape your outcome. Any one of these can quietly cost you, now or years down the line, even when the fundamentals of your plan are solid.
That's the part of financial planning we spend most of our time on with clients. We look at your full financial picture, not just your accounts in isolation, to connect each piece to help you reach your goals. At Manning & Napier, your trusted Financial Consultant is backed by wealth planning specialists that can help with intricate planning needs - from estate planning to tax strategy and more - so you can be confident you are receiving expert advice, no matter how simple or complex your personal situation may be.
True or False?
See if you can recognize the five blind spots
Use the quiz below to gauge your confidence in the details supporting your plan. If you’re surprised by an answer, or it sounds like it might apply to your situation, that’s worth a conversation with an advisor. Let’s talk.
1. Russ, 62, has read that waiting until 70 to claim Social Security raises his monthly check substantially, and figures that means waiting is automatically the right move for him.
Waiting until 70 to claim Social Security is always the better choice, no matter your health or other income.
Correct Answer: False
Delaying only pays off if you live long enough to make up for the years you didn't collect, generally past your early-to-mid 80s. Health, other income, and whether you're married all change the math, so “always wait” isn't quite right.
Learn more about Social Security and other retirement variables.
2. You check your account balances regularly and feel good about the total, but you've never worked out what that total turns into as monthly income once you retire.
A healthy account balance usually means your retirement income is on track too.
Correct Answer: False
Balance and income are two different questions. Most people who feel on track based on their balance haven't modeled what that balance produces as spendable income each month, and the two don't always line up the way people assume.
3. A married couple assumes that because the federal estate tax exemption applies to each spouse separately, nothing extra needs to happen for the surviving spouse to use both.
The unused exemption from the first spouse to pass can be preserved for the survivor, but only if the executor files an estate tax return electing "portability."
Correct Answer: True
That preservation isn't automatic; it has to be elected. The executor must file a federal estate tax return within the required window, even when no tax is owed, or the unused exemption is permanently forfeited.
4. A family has a solid estate plan in place but has never discussed how to protect an aging parent from financial exploitation.
When an older adult is financially exploited, it's usually a stranger, not someone the family knows.
Correct Answer: False
It's the opposite. Roughly 90% of elder financial exploitation is committed by a family member or another trusted person, not a stranger, according to the National Adult Protective Services Association. A good estate plan should address who can access or influence someone's finances, not just who inherits.
5. Someone updated their will years ago to leave everything evenly to their children, but never went back to check who's listed as the beneficiary on their old 401(k) and life insurance policy.
Beneficiary designations on accounts like retirement plans and life insurance override whatever the will says, even if the will was updated more recently.
Correct Answer: True
Beneficiary designations pass outside the will entirely and take priority over it. If an old form still lists an ex-spouse, a deceased parent, or just one child, that's who the money goes to, no matter what a newer will says. It's one of the most common and avoidable estate mistakes, precisely because it's invisible until someone checks.
How many did you get right?
What This Means for Your Plan
There is no one-size-fits-all answer to these questions –the answer will depend on you and your plan. Whether portability was filed for your estate. Whether your 401(k) and life insurance beneficiaries still match what your will says. Whether your Social Security timing makes sense given your own health, income, and spouse's benefit. Those depend on your accounts and your documents, not the example above, which is why it’s important to work with a professional who can help you make the best decisions for your goals.
Ensure there are no gaps in your plan
Schedule a call with a member of our team today to review your plan. We’ll sit down with you, review your accounts, estate documents, beneficiary forms, Social Security options, and more to help you understand where you stand.
Sources: Social Security Administration, Internal Revenue Service, National Adult Protective Services Association (NAPSA)
Please consult with an attorney or a tax or financial advisor regarding your specific legal, tax, estate planning, or financial situation. The information in this article is not intended as legal or tax advice.
