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Ready For Retirement

When Money Isn’t Enough: The 5 Types of Wealth You Need Before Retiring

Ready For Retirement

James Conole, CFP®

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

5706 Ratings

🗓️ 19 August 2025

⏱️ 21 minutes

🧾️ Download transcript

Summary

When the numbers say you can retire, but you can’t step away. Many people with the financial means to retire keep working, telling themselves one more year will make the plan even stronger. But at what cost to your time, health, and relationships? This episode explores “the good pickle,” where chasing more financial security comes at the expense of other forms of wealth like time freedom, social connection, and well-being. You will learn why money gets prioritized, how to rebalance, and...

Transcript

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0:00.0

Every retirement projection you run shows that one more year on the job is going to pad your nest day.

0:04.0

But at what cost?

0:05.0

To your time, to your health, to your relationships.

0:07.5

In this episode, we're going to unpack the different kinds of wealth that are crucial not just to a financially secure retirement, but to an overall purposeful and enjoyable retirement.

0:15.7

So stay tuned to see how you can maximize life, not just maximize your numbers.

0:21.1

Aaron, in our last couple recordings, we talked a lot about the financial things people need to do to retire.

0:26.9

Whether you need a million dollars to make it happen, whether it's more, whether it's less,

0:30.5

whether the three steps to get to that point of how do you actually understand the specific amount that you need.

0:35.4

And today we're going to do a continuation of that.

0:37.3

And a story that I think will serve as a nice foundation for some of this is a client

0:41.1

conversation as having. This was a couple of years back now. And this client wasn't a great

0:44.9

position to retire. They wanted to retire. We ran the numbers. They had enough. But they were

0:50.3

caught in a little bit of what you might call a good pickle. Every year they waited, they were in their peak earning years.

0:57.7

They were making really good money, and that felt really good because they had worked really

1:01.3

hard to get to where they were.

1:03.0

They couldn't walk away, or they felt like they couldn't walk away because there was some

1:06.5

six-figure bonuses coming in each year they kept working.

1:10.4

Every year they kept working,

1:11.7

more of their stock, more of their equity compensation would invest. Every year they kept

1:16.2

working, they were putting more into their 401K. They were putting more into their deferred

1:19.7

comp plan. And every time we met, they would want to update their financial model, their financial

1:24.2

plan. And for people who are listening, you might be doing this on your own, whether it's Excel,

...

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