Separate the kinds of risk

Ellis says market falls do not worry them. Morgan says an income reduction would mean cancelling a commitment they regard as essential. These statements concern different things. Explore each person's attitude, the household's financial resilience and the practical consequences of a shortfall. Do not average away a disagreement simply to produce a single convenient score.

Build a provisional picture of essential and discretionary expenditure, income sources, accessible reserves and flexibility. Mark unverified figures clearly. Discuss how the picture changes during the transition from earnings to retirement income. A temporary gap and a permanent shortfall may call for different analysis; neither can be dismissed merely because the long-term chart rises.

A useful case discussion can end with a better question rather than a recommendation. In a peer review, ask a colleague which fact would most change their conclusion. If nobody can identify a fact that would change it, examine whether the discussion has become attached to a solution too early.