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Imagine you’ve reached your retirement savings goal, but you’re afraid to pull the trigger to end your career. You’ve worked your whole life and saved as much as you could, but you still feel compelled to keep going even though you’ve reached your financial goals.
If this is the case, you may be suffering from “one more year” syndrome.
After years of working at least 40 hours a week, the thought of that freedom is enticing but also unnerving. What should you really be spending your time on? What’s more, the pressure-cooker at work is where you have most of your friends, and the core of your social network. Then there is the financial piece of the puzzle.
So, what exactly is “just one year” syndrome? And most importantly, what is the treatment?
Let’s say a healthy 60-year-old woman has reached her $1.5 million retirement savings goal—already above the $1.26 million “magic number” most Americans believe they need to retire, according to Northwestern Mutual (1)—and she’s ready to quit her high-paying, high-stress job.
But she is still hesitant. After all, one more year of work means one more year of retirement savings. Also, she can’t claim Medicare until 65, and if she takes her Social Security benefits at age 62, she’ll receive less benefits.
And so, even though she already has enough money to retire, she decides to work just one year, which quickly turns into another year, and then another.
Soon, she suffers from “one more year” syndrome.
Read more: Approaching retirement with no savings? Fear not, you are not alone. Here are 6 easy ways you can catch up (and fast).
Now that we know what it is, let’s look at the treatment.
A good place to start is managing your expectations. According to Morgan Housel, the best-selling author of books such as The Psychology of Money“The hardest financial skill is getting the goalposts to stop moving.” In other words, financing a secure retirement means recognizing that “enough is enough.”
But how do you know if it’s enough?
It may come down to taking your emotions out of the decision and doing some cold, hard math.
Let’s look at the facts. In general, using the 4% rule (2), that $1.5 million portfolio should generate $60,000 per year for 30 years before taxes – but that will also depend on investment returns.
And don’t forget that she has other ideas. Does he get a pension? Does she have private health insurance or other options to bridge the gap until she makes a Medicare claim at age 65?
Also, she should think about inflation and how it can eat into her savings.
As such, the math becomes more complicated – she needs to think about her lifestyle after retirement, and have an emergency fund to cover any unexpected expenses. He may also have some plans for his retirement, such as taking a long, well-earned vacation around the world.
And all those extra costs can add up quickly.
Still feeling overwhelmed? If you are, you are not alone – there is help.
A certified financial advisor can help you better understand your financial situation and how to improve it. One of the first ways they can help is by crunching the numbers to make sure you’re maximizing your retirement contributions within your means.
Vanguard’s research also shows that working with a financial advisor can add about 3% to your net return over time (3). That difference can be significant. This means that if you start with a $50,000 portfolio, professional guidance could mean more than $1.3 million in additional growth over 30 years, depending on market conditions and investment strategy.
But hiring an advisor can be a lifelong commitment, one that can make or break your retirement. That’s why it’s important to find someone you trust.
And that’s where services like Advisor.com can come in. Their platform connects you with licensed financial professionals in your area who can provide personalized guidance on your finances, no matter where you are on your financial journey.
How it works is simple: enter some basic information, such as your zip code, and be matched with three professional advisors in your area. From here, they can help you determine how many years you have left to invest before retirement and assess your comfort level with market fluctuations — two key factors in building the right asset mix for your retirement portfolio.
The best part? Through Advisor.com, you can schedule a free, no-obligation consultation to discuss your retirement goals and long-term financial plans.
Once you’ve got the right financial advisor in your corner, you can start thinking about your next steps.
As you approach your golden years, you may be faced with a dilemma — whether to work something to grow your nest egg or retire.
However, if the math shows that it could be beneficial for you to work for another year, you should also consider whether it is really worth it, especially if you are afraid to work and it is taking a mental and physical toll on your health.
Yet working 40+ hours a week isn’t the only way to build your bank account.
Most people spend a little money every day, but investing on a daily basis can be hard to get your head around. So, what if you could micro-invest in each purchase to grow your nest egg for retirement?
With Acorns, you can stop feeling guilty about making purchases and start spending your money in a way that can prepare you for a wealthy retirement.
Acorns is an investment and savings platform that automates the process of saving for retirement by automatically investing your spare change from your everyday purchases and placing it in a diverse portfolio of ETFs managed by experts at leading investment firms like Vanguard and BlackRock.
Here’s how it works: Every time you make a purchase with a credit or debit card, Acorns rounds it up to the nearest dollar and puts the rest into a smart investment portfolio. That morning coffee for $3.15? That’s an 85-cent investment in your future now.
And the best part? Acorn can help you supercharge your savings with recurring monthly deposits. If you set one up, Acorns can even give you a $20 bonus investment to get you started.
However, even as you build your retirement nest egg, remember – don’t put all your eggs in one basket. In other words, diversification is the name of the game.
For example, gold has historically been a key hedge against inflation and economic risk. But getting your hands on that precious yellow metal isn’t always easy. It is also on a historic bull run, blowing past analyst expectations and hitting a high of over $5,000 per ounce in late January (4).
Fortunately, you can now invest in gold by setting up a gold IRA with Thor Metals. Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account. It can combine the tax advantages of an IRA with the protective benefits of investing in gold.
Thor Metals is an authorized retail dealer for the US Mint and has partnerships with IRS-approved depositories. This means you don’t have to worry about storing gold safely. Thor Metal will do this for you.
If that sounds interesting, you can learn more by getting their free information guide, which also includes details on getting up to $20,000 in free metals on qualified purchases.
We rely only on vetted sources and reliable third-party reporting. For details, see our editorial ethics and guidelines.
Northwestern Mutual (1); Charles Schwab (2); Vanguard (3); APMEX (4)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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