One spouse is ready for retirement. The other, not so much. Does this sound familiar?
This was the situation Becca and Jim found themselves in. They had saved more than enough to retire but had deeper concerns that took time and a few in-depth conversations to work through.
All this is to say, do not over save for retirement. Over saving is better than under saving, but every year you put off retirement is a year that you will never get back. If there is one thing I have learned from working with retirees, it is that time is our most valuable resource.
Prefer to watch the video?
The Story Behind the Numbers
Becca was ready to spend her summers at the family cabin and her winters down south. Jim, on the other hand, was still working and feeling overwhelmed. With deadlines, stress, and mounting pressure, it was not that he loved his job. He just did not feel ready to step away.
At first, Jim said he wanted to keep working to make sure their retirement was financially secure. A fair concern. But when we built out their plan, the numbers told a different story.
With inflation projected at 2.5 percent and a 5 percent return on their portfolio, their plan was more than 150 percent funded. That meant not only could they retire comfortably, but they would also leave an estate of over 4 million dollars.
What If the Market Does Not Cooperate?
Jim had another good question. What if we are wrong about inflation or returns?
We ran a second scenario. This time, we used 4.5 percent inflation and a 3 percent return. Even then, their plan still held up. They were fully funded, and their estate would still be worth over 1 million dollars.
The conclusion? They did not need to keep working for financial reasons.
What It Was Really About
With the financial side clearly in order, we finally uncovered the deeper reason Jim did not want to retire.
He was afraid of losing his purpose. His identity was tied to his work, and without it, he was not sure what would fill that space.
After a conversation with Becca, he realized that his purpose could shift. It could be found in volunteering, helping others, mentoring, or simply being more present with his grandkids. His value was not in his job title. It was in how he showed up for the people he cared about.
Final Thoughts
Oversaving gives you options, but it should not delay your life. I have never had a client say they wish they had worked a few more years. But I have heard many say they wish they had retired sooner, while they still had their health, energy, and time to enjoy what matters most.
If you want to know whether your retirement is already within reach, visit our website and book an appointment.
