Reflecting on 3 Lessons I Learned from Clients in 2024, Ep #178

Retirement is one of the biggest milestones in life, and for many, 2025 and 2026 will mark the beginning of this long-awaited chapter. As portfolios have outperformed expectations, more people are realizing their retirement dreams sooner than planned.

In this episode, I’ll share inspiring client stories, practical lessons from 2024, and key insights to help you prepare for your own journey. From understanding why bonuses matter more than you think to exploring the power of legacy planning, we’ll cover the essential strategies to navigate retirement with confidence. 

Whether you’re nearing retirement or just starting to plan, these takeaways will equip you to make the most of your future.

You will want to hear this episode if you are interested in…

• [0:38] Make sure to check out our YouTube channel
• [2:57] Why you should never turn down a bonus
• [7:45] There will be a lot of people retiring in 2025/2026
• [14:48] Lesson #1 from 2024 
• [16:48] Lesson #2 from 2024
• [19:34] Lesson #3 from 2024

A wave of retirements is coming in 2025/2026

When meeting with clients, I often ask, “Have you ever saved for something you really wanted and finally got it?”

Their answers vary—some recall their first bike, others their first car or a memorable trip. One even mentioned their wedding. Then I ask, “Was it worth it?” Without fail, their eyes light up, and they say yes.

Recently, I posed a different question to a couple: “How long have you been saving for retirement?”

They smiled knowingly and said, “You’re going to tell us we have enough to retire now, aren’t you?” Moments like these—when the reality of their achievement sets in—are nothing short of extraordinary.

What’s driving this shift? Many of my clients’ portfolios performed better than expected in 2024, leading them to consider retiring earlier than planned. That’s why I’m confident we’ll see a significant number of retirements in 2025 and 2026—perhaps more than anyone anticipated.

Why you should never turn down a bonus

Months ago, I spoke with someone who was 18 months away from retirement. He worked for a publicly traded company and had a solid financial foundation—stock options, a pension, and a 401(k). However, he still needed the income and health insurance to bridge the gap to retirement.

One day, his boss informed him he’d be receiving a bonus. Surprisingly, he declined it, saying, “I don’t need the bonus—give it to someone who could use the money.”

A few months later, he was unexpectedly let go. He soon learned that the company used bonuses as a key performance metric. Employees who didn’t receive bonuses were seen as underperforming—and those were the first to be laid off.

The takeaway? Never turn down a bonus. It’s not just extra money; it could be the difference between job security and being let go, especially when you’re so close to retirement.

3 lessons that I learned in 2024

This year brought many insights about retirement planning, and three lessons stood out the most.

1. Retirement isn’t about hitting a magic number: During a two-hour Zoom meeting with a client, he shared an eye-opening perspective. He’d read countless articles that all claimed you needed a specific dollar amount to retire. But he pointed out a crucial flaw: success in retirement isn’t about a static number—it’s about generating sustainable income from your savings. A lump sum alone won’t secure your retirement; you need the wisdom of a professional to turn it into a reliable income stream.
2. Legacy comes in many forms: While discussing legacy planning with another listener, he shared that the greatest gift he and his wife gave their kids was a college education. They sent their children to good schools, helping them build successful careers and lives. Instead of focusing on retiring with millions, they invested in their kids’ futures. Now, they’re seeing their legacy thrive while they’re still here to enjoy it. It made me reflect: what legacy do you want to leave behind?
3. There will always be what-ifs: We can’t predict the future or control what Congress might do next—whether it’s the SECURE Act 2.0 or a proposal to stop taxing Social Security benefits. The uncertainty can be daunting, but it’s a reminder to make the best decisions with the information we have today. The future is always evolving, and so should our planning.

These lessons have reinforced the importance of thoughtful, adaptable retirement planning—because every journey is unique.

Resources & People Mentioned

• 3 Steps to Retirement Planning
• 2025 Market Outlook