planning for retirement Archives - ROI TV https://roitv.com/tag/planning-for-retirement/ Sat, 31 May 2025 17:25:44 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 5 Questions to Know If You’re Really Ready to Retire https://roitv.com/5-questions-to-know-if-youre-really-ready-to-retire/ Sat, 31 May 2025 17:25:43 +0000 https://roitv.com/?p=2971 Image from Root Financial

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When I sit down with people planning for retirement, the focus is almost always on the numbers. Have I saved enough? What’s my withdrawal rate? When should I claim Social Security?

Don’t get me wrong—those are critical questions. But retirement readiness goes beyond spreadsheets and simulations. It’s not just about whether you can retire it’s about why, when, and how you want to live the next phase of your life.

In this article, I want to shift the conversation and ask you five essential questions that go deeper than financial figures. These questions are designed to help you find the right balance between security and fulfillment.

1. Am I Trading Time for Money I May Never Use?

One of the most sobering moments in my career came from a client who worked tirelessly into his late 60s. He was driven by financial perfection he wanted to hit one more milestone, boost his portfolio just a little more. He finally retired… and passed away shortly afterward.

That experience shook me. It’s a reminder that time is a nonrenewable resource. Working longer can strengthen your retirement finances but at what cost? If you’re delaying retirement in pursuit of a few more percentage points, ask yourself: Am I sacrificing experiences I may never get back?


2. What Is the Cost of Working Longer on My Health?

By the time most people reach their early 60s, they’ve been through decades of stress, deadlines, raising kids, and juggling responsibilities. And it shows. Studies link prolonged work stress to higher risks of depression, heart disease, and stroke.

You can plan for a long retirement, but don’t forget to plan for a healthy one too. The longer you work, the more you may be chipping away at the healthiest years you’ve got left. I always ask clients: Are you extending your financial runway at the expense of your health span?

3. How Much Time Do I Really Have Left with the People I Care About?

Retirement isn’t just about not working it’s about living. And a big part of living is being with the people who matter most. Yet for many of us, work steals the bulk of our waking hours. Long commutes, late-night emails, weekend shifts—they all add up to lost moments.

Think about your aging parents, your grandkids, your friends who live across the country. How many more trips, birthdays, or holidays will you get with them? Retirement gives you back time but only if you take it.

4. Am I Planning for a Healthy Retirement Or Just a Long One?

There’s a big difference between life span and health span. Life span is how long you live. Health span is how long you stay energetic, active, and vibrant.

The first five years of retirement are often the best years to do the things you’ve always dreamed of: travel, take up new hobbies, spend quality time with grandkids. But if you wait too long, your body may not keep up with your bucket list. Don’t plan your retirement to begin after your best years plan it to include them.

5. Am I Letting Fear Delay a Financially Feasible Retirement?

I’ve seen it more times than I can count people who are financially ready to retire but just can’t bring themselves to do it. “Just one more year,” they say. But one becomes two, then five.

Yes, you need to be financially prepared. But sometimes we confuse preparation with perfection. If your plan is solid, your debts are low, and your income streams are in place, don’t let fear rob you of the time you’ve earned. The goal is not to die with the most money it’s to live with the most meaning.

Final Thoughts: Balance Is the Real Goal

If you’ve already asked yourself the classic financial questions what’s my savings target, what’s my withdrawal rate, when to take Social Security great. But now it’s time to ask yourself these five deeper questions.

Because the truth is, retirement readiness isn’t just about having enough money. It’s about having enough life left to enjoy it.

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.

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Why Retiring at 65 May Be a Mistake https://roitv.com/why-retiring-at-65-may-be-a-mistake/ Sun, 11 May 2025 00:32:20 +0000 https://roitv.com/?p=2722 Image from Root Financial

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When most people think about retirement, the age of 65 often seems like the finish line. It’s the age when Medicare kicks in and Social Security benefits are fully accessible for many. But what if I told you that retiring at 65 might be a mistake? I want to share with you some insights that might completely change how you think about your golden years.

The Hidden Risks of Retiring at 65

Retiring at 65 might seem like the ideal plan, but there are some hidden risks that many people overlook. The primary risk isn’t financial—it’s underestimating life expectancy and, more importantly, healthy life expectancy.

Now, this is important. In the U.S., the average healthy life expectancy is just 66.1 years. That’s the age at which the average person begins to experience significant health issues that may limit their ability to travel, golf, or even just get around comfortably. In contrast, places like Japan (74 years) and Italy (72 years) have much higher healthy life expectancies. This gap is important because it means that many Americans might only get one or two good years of retirement before health problems set in.

Scott and Brooke’s financial plan showed a high probability of financial success if they retired at 65, but the real risk was focusing too much on financial projections and not enough on the quality of life during retirement. What good is financial stability if you’re not physically able to enjoy it?

Prioritizing Healthy Life Expectancy

Think about this: healthy life expectancy is the number of years you can expect to live in good health—not just alive, but really living. This is what allows you to travel, enjoy hobbies, and spend time with family without physical limitations.

Here’s the reality: the U.S. ranks poorly compared to other developed countries in terms of healthy life expectancy. But the good news? It’s largely within your control. Exercise, diet, and lifestyle choices can significantly extend the number of years you spend in good health.

I’m reminded of the Confucius quote:
“A healthy person has a thousand wishes, but a sick person has only one.”

It really drives home the point: health is everything when it comes to enjoying your retirement.

The Role of Exercise in Retirement Planning

If you want to be part of the group that truly enjoys retirement, exercise isn’t optional—it’s essential. Regular exercise benefits you both now and in the future by improving physical and mental health, extending your life span, and, most importantly, your health span.

Here’s a sobering statistic: 77% of Americans don’t exercise regularly. That’s a massive missed opportunity. Exercise isn’t just about adding years to your life; it’s about adding quality to those years. When you make exercise a priority, you’re investing in your ability to enjoy travel, pursue hobbies, and stay independent in retirement.

If you want to retire well, it starts with being part of that 23% who prioritize health.

Practicing Retirement Before You Actually Retire

One of the smartest strategies I’ve seen is practicing retirement before you actually take the plunge. Scott and Brooke’s experience showed how important this is. They started traveling more, playing sports like pickleball, and volunteering well before they officially retired.

Why? Because trying out your retirement lifestyle early helps you understand what you enjoy, what you don’t, and where you want to spend your time. It’s like taking a test drive for your golden years. When you do this, you avoid that feeling of uncertainty or loss of direction that so many new retirees experience.

The Power of a Good Retirement Plan

Many people push retirement back to 65 or even later simply because they haven’t planned properly. They work through some of their healthiest years, postponing travel, adventure, and family time until it’s too late.

When Scott and Brooke ran their financial projections, they realized they could retire at 63 instead of 65. They could still maintain a high probability of financial success while gaining two extra years of good health to enjoy their passions. All it took was proper planning and running the numbers.

If you haven’t done this yet, I can’t recommend it enough. A well-structured retirement plan can help you balance enjoying life now while still securing your future.

Key Takeaways for Smarter Retirement Planning

If there’s one thing to remember, it’s this:
Don’t wait for the “perfect time” to enjoy your life.

Here are the key points to consider:

  1. Prioritize Health Now – Exercise regularly to improve both your life span and health span.
  2. Practice Retirement Activities Early – Figure out what you enjoy now, so you can hit the ground running when you retire.
  3. Create a Realistic Retirement Plan – Run projections, explore different scenarios, and find the optimal age for your personal situation.
  4. Balance Living for Today and Planning for Tomorrow – Don’t sacrifice your healthiest years just to hit a financial target.

When you take these steps, you might find that retiring at 65 isn’t the dream you once thought it was. Maybe it’s 63, maybe it’s 62, or maybe it’s even 60. The important thing is that you enjoy those years while you still have the health and energy to do so.

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.

The post Why Retiring at 65 May Be a Mistake appeared first on ROI TV.

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