The Downside of Working "Just One More Year"

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5 • 706 Ratings

🗓️ 21 November 2024

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are you delaying retirement, working for "just one more year" to feel ready? In this episode, Ari and James dive into goalpost planning—the tendency to postpone retirement over financial or emotional uncertainties. Learn how to prioritize life goals over arbitrary benchmarks, like saving $1M or following a generic 60/40 portfolio strategy. 🎙️ Highlights from the conversation: The emotional challenges of leaving work and finding purpose in retirementWhy cash flow matters more than hitting a s...

Transcript

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0:00.0	This is another episode of Ready for Retirement.
0:04.9	I'm your host, James Canol, and I'm here to teach you how to get the most of the life with your money.
0:09.2	And now, on to the episode.
0:12.8	Hey, Ari.
0:14.0	What's up, James?
0:15.0	How are you?
0:16.4	I'm doing good.
0:17.5	I'm thinking about us as the initiators.
0:20.0	I don't know if it's caught on yet from the last episode, but maybe it'll stick.E. has the early retirement podcast. I have the Ready for Retirement Podcast.
0:38.3	This episode is going to be pushed to both of those and also live on the James Connell YouTube
0:41.9	channel. So what should we call this? So if you're totally confused about what we're talking about,
0:46.8	listen to last week's episode. What do we have going on this week? Today we've got a fun one.
0:51.2	So I hear often, I know you do as well, James, of, hey, should I just
0:56.1	work one more year? Oh, maybe one more bonus, two more years, three million bucks, then I'm
1:01.5	finally going to retire. And we'll call that goalpost planning. We're going to explain what
1:05.7	that means in a second. But these comments, everything we discuss on this show, whether you're
1:10.1	watching on YouTube or listening on the podcast apps, these are coming from you.
1:14.5	So you can see here, this comment was left from Woods Parker 7902.
1:19.5	And he says, Ari, teachers may have a strong desire to retire early because of the stressful environment they work in.
1:25.6	Now, only teachers, this is a real stat, James,
1:28.3	only teachers are stressed in their job. No, everyone's stressed. So this could be applying to
1:33.9	you if you're a teacher, engineer, what have you. Even if it means sacrificing some of the
	...

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