You Can Have $1 Million and Still Retire Wrong

Hosted by Johnathan Burgess & Matthew Hastings

Most people spend decades dreaming of the day they hit a million dollars in savings. It feels like crossing the finish line. But according to Johnathan Burgess, founder of Big Money Retirement Solutions, reaching that number is not the same as having a retirement plan — and confusing the two is one of the most common and costly mistakes people make.

In this episode, Johnathan sits down with financial advisor Matthew Hastings to break down why a number alone will never be enough, and what a real retirement plan actually looks like.

The Problem with Chasing a Number

Twenty years ago, a famous financial services commercial asked Americans: what is your number? The idea was that once you hit a magic savings target, you would be set for retirement. Matthew Hastings says that message still drives most people’s thinking today — and it’s getting them into trouble.

“It’s a service-level thought. People fall back on data from someone who did it a long time ago. There are no do-overs in retirement, and a lot of the time, it’s the first time they’ve ever done it.”

Matthew Hastings

Johnathan puts it plainly: having $1 million does not mean you are ready to retire. What matters is whether that money is organized into a plan that actually replaces your income, manages your taxes, and keeps up with your life as it changes.

What Advisors Are Missing — And What Matthew Hears Every Week

Matthew shared a story from a client meeting that morning. A couple had been working with another advisor — a nice enough guy — but had never had a deep conversation about their income, tax situation, or what retirement actually looked like for them. Over the next hour and a half together, Matthew covered income replacement, Social Security, pensions, taxes, and advanced planning. One spouse could retire tomorrow. The other needed a completely different plan.

That is the depth of planning most people never get from their current advisor. Johnathan calls it the difference between a hometown mechanic doing an eye test and a diagnostic team that runs the actual data.

The Income Strategy Most Retirees Don’t Have

One of the most overlooked pieces of a retirement plan is knowing which accounts to draw from and in what order. Most people assume they have an income number and money just flows in — but they have not thought about tax diversification.

“We see clients come in who have no idea whether their money is in a taxable, tax-deferred, or tax-free account — and their prior plan never accounted for that. Where those investments are placed matters enormously.”

Johnathan Burgess

Part-Time Work, Social Security, and the Trap Most People Miss

Going back to work while collecting Social Security can trigger a penalty people do not expect. For 2025, earning over $24,480 can cause you to lose a portion of your Social Security benefit — sometimes significantly. Matthew sees this regularly with clients who did not have a planning expert in their corner to flag the income limit.

Shut Up and Listen: The Most Important Skill in Retirement Planning

Johnathan pulled out a card he had written for Matthew during a coaching session. Four simple words: shut up and listen.

“Too many advisors go into a meeting wanting to talk. They put their idea of retirement onto the client. But this couple has had intimate conversations about what retirement looks like — and we get one hour. Thinking we know what they want and talking for 40 of those 60 minutes is idiotic.”

Johnathan Burgess

Broker vs. Fiduciary: Why It Matters More Than You Think

Johnathan shared a story about a client whose daughter had been managing her finances as a side project. When they pulled up the account, they found a 5.75% upfront commission on every dollar invested. A fiduciary is legally required to act in your best interest. A broker is not. The difference can cost you tens of thousands of dollars over time.

The Right Time to Work with the Right Advisor

The right time to work with the right advisor was yesterday. The second-best time is now. Whether you have $500,000 or $5 million, a retirement plan built around your actual life — your income, taxes, goals, and timeline — is the foundation everything else is built on.