Beyond Cash: Is Your "Safe Money" Quietly Going Backward?

There's a reason so many people feel drawn to cash right now. After years of market swings, rising rates, and nonstop headlines, cash feels calm, dependable, and — for a while — even productive, thanks to higher short-term yields. That instinct makes complete sense. But in retirement planning, feeling safe and being safe aren't always the same thing.

This month's feature article, "Beyond Cash: Is Your 'Safe Money' Quietly Going Backward?" by Kelly L. Olczak, CFP®, explores one of the most common — and most overlooked — risks in a retirement plan: holding too much cash for too long, for reasons that no longer apply.

The article introduces an important distinction: statement risk versus lifestyle risk. Statement risk is the discomfort of watching account values move. Lifestyle risk is the possibility that years from now, your plan no longer supports the life you actually want to live. A cash-heavy portfolio can quietly reduce one while increasing the other — and in retirement, lifestyle risk is usually the one that matters most.

Using the Now, Later, and Never Money framework at the heart of Big Picture Planning®, Kelly walks through how different dollars in your plan are meant to serve different jobs — and why leaving too much in cash can mean your money isn't doing the work it should. The article also offers a practical, staged approach for anyone who recognizes their own cash position in this story, without needing to make one big, high-stakes decision all at once.

This issue also includes a market update on where stocks, inflation, and the Federal Reserve stand midway through 2026, along with a few beach reads worth packing for the rest of the summer.

Read the full issue to see whether your own "safe money" is working as hard as it could be.

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