Should You Work One More Year? The Trade-Offs Between Money, Health, and Time
When you’re 67 and looking at retirement, one big question looms: Should I retire now, or work one more year?
It’s a question Kurt and Eva recently faced—and their story may sound familiar. With over $1 million saved, no mortgage, and a desire to travel while they’re still active, they wondered if one more year of work was worth the stress or just extra dollars they might not need.
Let’s look at what they learned—and how their story can help you weigh the financial and personal trade-offs of retiring today versus waiting another year.
1. What Happens If You Work Just One More Year?
The numbers are compelling. For Kurt and Eva, working one more year meant:
- Over $200,000 in additional income
- An 8% increase in Social Security benefits from delaying until age 68
- Additional 401(k) contributions and portfolio growth
- A jump in their retirement plan’s success rate from 83% to 93%
That’s not small. From a purely financial standpoint, one more year of work can dramatically improve long-term retirement security.
2. But What About Health, Happiness, and Time?
Here’s where the conversation got personal.
Kurt and Eva admitted they’re not in the best of health. Stress from work has been weighing them down, limiting their ability to enjoy life now. They’ve lost coworkers who passed away before getting to enjoy retirement. They don’t want that to be their story.
They want to travel, to spend more time together, and to finally prioritize their well-being. And they’re not alone—many people in their late 60s wrestle with this balance: “Can I afford to stop working now, and if I do, what will I miss financially?”
The real question is: What will you miss personally if you don’t?
3. The Power of Adjusting Spending in Retirement
Here’s where the magic happens in planning.
Instead of working longer, Kurt and Eva considered adjusting their retirement spending pattern to reflect how real life tends to work. They planned to:
- Continue spending $8,000 per month (including $2,000 for travel) for the first 10 years of retirement
- Gradually reduce spending in their late 70s and 80s as travel slows
This simple adjustment significantly increased their retirement plan’s success rate—without requiring them to keep working.
It turns out, spending is rarely flat for 30 years. Retirement often follows a “go-go, slow-go, no-go” pattern, where spending drops naturally as you age. Planning for that curve can reduce your financial burden without cutting back on experiences you actually care about.
4. What If They Worked Until 80?
Just for comparison, Kurt and Eva reviewed an extreme scenario: Work until 80, delay Social Security to age 70, save aggressively, and keep travel expenses low.
The result?
- 100% probability of financial success
- An estimated $4.5 million in total portfolio value
Sounds impressive, right? But at what cost?
That plan would mean giving up travel while they’re still healthy, missing out on freedom and flexibility, and likely compromising their quality of life now. In their case, the cost of waiting was more than financial—it was personal.
5. The Right Balance: Financial Peace and Personal Fulfillment
Ultimately, Kurt and Eva chose to retire now, but with a realistic and flexible spending plan that allows for:
- Plenty of travel early on
- Adjustments later based on actual needs
- A safety net (selling their home if needed) to support long-term success
Their plan reflects a deeper truth: retirement isn’t about maximizing dollars—it’s about maximizing life.
They realized they didn’t have to choose between security and joy. With smart planning, they could have both.
Final Thoughts: Ask Yourself These Questions
- Are you working longer because you need to—or because you’re afraid to stop?
- What would one more year of work add to your finances—and what might it take away from your life?
- Can you adjust your spending to make retirement work now, rather than later?
Every retirement plan is different, but the best ones always blend financial reality with personal values.
Don’t build a retirement around what you’re afraid of. Build it around what you love.
You should always consult a financial, tax, or legal professional familiar about your unique circumstances before making any financial decisions. This material is intended for educational purposes only. Nothing in this material constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns.
Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost.
