In this episode of the Retire Early Podcast, financial advisors Sam Benson & Linwood Fraher of Martin Wealth Solutions address a common question among people approaching retirement: Should I retire now or work one more year?
Sam and Linwood explain how an additional year of work could affect several parts of a retirement plan. Working longer may provide another year of income, retirement account contributions, employer benefits, and potential investment growth while also reducing the number of years your portfolio must support you. However, the decision is not purely financial.
They also discuss the importance of evaluating healthcare coverage, Social Security timing, retirement income, current expenses, and whether the additional year would meaningfully improve the strength of your plan. The episode encourages listeners to weigh the financial benefits of continuing to work against their health, family priorities, personal goals, and the value of their time.
For anyone standing at the edge of retirement, this conversation offers a helpful framework for determining whether one more year is necessary—or whether you may already be ready to begin the next chapter.
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00:00 Introduction: Should you work one more year?
00:39 Meet Sam and Linwood
01:08 The financial benefits of another year of income
02:04 Social Security and retirement income considerations
03:10 Considering the intangible benefits of working an additional year
5:00 The importance of paying off different types of debts
07:08 Reducing the number of years your savings must support
08:31 Practicing a “transitional year” from employment to retirement
09:35 Will one more year significantly improve your financial security?
10:10 Continuing to work because you simply enjoy it
11:44 Health, family, and personal priorities
14:30 Experiencing burnout at work and its effects
15:40 Preparing for unexpected changes and events
16:53 Balancing financial security with the value of time and once-in-a-lifetime moments
18:25 Key takeaways, final thoughts and closing remarks
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