The Question Everyone Asks: Can I Retire Yet?
Can I Retire Yet? The Question Everyone Asks
One of the most common questions people bring to a financial advisor is, “Can I retire yet?” Or, more often, its close cousin: “When can I retire?” In fact, industry surveys show that this is the number-one question advisors hear from their clients1 2. It’s a question filled with both hope and hesitation. Many people are eager to retire but worry that the answer will be “not yet.”
The good news? Most of the time, the reality isn’t as daunting as people fear. With the right planning, clarity, and strategy, the path to retirement becomes a lot clearer.
What Really Matters: Lifestyle and Cash Flow
Retirement readiness isn’t just about hitting a magic number in your accounts. Instead, it’s about understanding:
- What kind of lifestyle do you want? Travel, hobbies, helping family, or simply relaxing at home each require different financial support.
- What income streams will you rely on? Social Security, pensions, annuities, and investment accounts all play different roles.
- What are your essential needs vs. your wants? Covering basics like housing, food, and healthcare is step one. After that, we look at the extras that make retirement enjoyable.
It comes down to cash flow. If your retirement income covers the lifestyle you want (and is sustainable over time), then you’re closer to retirement than you may think.
Misconceptions About Retirement
Many people believe they need “millions in the bank” to retire. That simply isn’t true. What you really need is enough reliable income to support your spending needs.
For example, some people rush to claim Social Security as early as age 62, but that permanently locks in a lower monthly benefit. Duane says that in some circumstances waiting until age 70 can significantly increase your income stream over the long term. Decisions like this often matter more than the raw dollar amount you have saved.
What If You’re Not Quite There Yet?
If you’re emotionally ready to retire but not financially prepared, there are still options. Advisors often explore strategies like:
- Saving more now by tightening expenses.
- Adjusting your retirement date to give your savings more time to grow.
- Rebalancing investments to pursue higher growth (with an understanding of added risk).
- Adjusting Social Security timing—sometimes waiting even a few years can make retirement income more sustainable.
Sometimes it also means adjusting expectations—maybe scaling back the lifestyle you envisioned in exchange for retiring sooner.
Our Planning Process
When someone comes to us wondering if they’re ready to retire, we walk through a structured process:
- Understand the full financial picture—income, savings, debt, insurance, and more.
- Identify retirement goals—what do you actually want life after work to look like?
- Analyze your current trajectory—are you on track, or do adjustments need to be made?
- Develop recommendations—strategies to bridge any gaps.
- Implement the plan—put the strategies into action.
- Monitor and adjust—life changes, markets shift, and your plan should evolve with them.
This process helps bring clarity and confidence to one of life’s biggest transitions.
The Bottom Line
The question “Can I retire yet?” doesn’t come with a one-size-fits-all answer. It depends on your lifestyle, your income streams, your health, and your goals. But the sooner you begin the conversation and start planning, the sooner you’ll know where you stand—and what steps can help you get there.
Retirement isn’t just about a number in the bank. It’s about creating the freedom to live life the way you want, without outliving your money.
