Back to the Basics: Is Retirement Still All-Inclusive?

Is Retirement Still All-Inclusive?  Not Exactly – But It Can Be Well-Planned

Who doesn’t love the ease of an all-inclusive vacation? You choose your destination, book your excursions, pack your bags, and when you arrive – voilà! Everything is already planned, paid for, and ready to enjoy. No surprises, no extra decisions. Just follow the plan and relax.

Wouldn’t it be nice if retirement worked the same way?

Imagine arriving at age 65, getting handed a checklist, and enjoying a retirement that’s been mapped out for you, complete with income, healthcare, and a steady financial forecast. The reality, however, looks quite different. Today’s retirement is anything but ‘set-it-and-forget-it.’

Take Social Security as just one example. On the surface, it seems straightforward: you work for 30 or 40 years, contribute to the system through payroll taxes, and collect monthly benefits once you retire. Simple, right?

Not so fast.

Age matters.

The Social Security Administration allows you to begin collecting benefits as early as age 62, but doing so locks in a reduced benefit for life. On the flip side, delaying until age 70 increases your monthly check by about 8% for each year you wait past your full retirement age (which is currently 67 for anyone born in 1960 or later). That’s a 24% higher benefit at age 70 than at 67, and up to 77% more than if you claim at 62.

Here’s where it gets more complex. What if your spouse is a different age than you? What if only one of you qualifies for your own benefit? Should one spouse claim spousal benefits while the other delays their own? And how does your investment portfolio, tax situation, health history, or even your plans to work part-time in retirement affect all of this?

The more you look into it, the more Social Security starts to feel like assembling a financial jigsaw puzzle without the photo on the box to aid you.

Unlike the retirement model of decades past – when workers retired with a pension, claimed Social Security, and adjusted their lifestyle to fit their income – today’s retirees must make dozens of decisions that will shape their financial future.

We now live in the age of democratized finance. You have access to more tools, more investment choices, more control…and more responsibility. And with that control comes the challenge of making the right choices.

According to the Social Security Administration, the average monthly benefit for retired workers in 2024 was $1,907. For a married couple, that’s $3,814 per month—just under $46,000 per year before taxes. That’s helpful, but probably not enough on its own to sustain a modern retirement that could last 25-30 years or more.

Consider this: 56% of Americans aged 65 and older rely on Social Security for more than half of their income, and nearly 40% rely on it for 90% or more of their income. In other words, Social Security isn’t just a piece of the puzzle, it’s the entire picture for many.

But relying too heavily on Social Security, without coordinating your claiming strategy with the rest of your financial life – investments, taxes, healthcare costs, long-term care, and inflation – can be a costly mistake.

That’s why we believe every retiree needs a plan, a comprehensive, written guide that serves as your retirement roadmap. Just as you wouldn’t build a house without a blueprint, you shouldn’t build a retirement without one either.

While retirement may not be all-inclusive, it can be all-coordinated.

While the days of an all-inclusive retirement may be behind us, what’s replaced it is arguably more empowering. You have options. You have flexibility. You have control.

But to make the most of that freedom, you need a plan that aligns all the moving parts of your financial life, such as Social Security, taxes, investment income, healthcare, and legacy planning into a cohesive whole.

No, there isn’t a retirement concierge waiting to hand you a color-coded itinerary. But with the right guidance and planning, you can still arrive at your retirement destination with clarity, confidence, and a sense of ease.

So, while retirement may no longer be all-inclusive, it doesn’t have to be all-confusing either. You just need a plan, and we think that plan should be as intentional as the life you’re building.

Appreciate the time you have, use it wisely, and enjoy the journey ahead.