Is Working One More Year Until Retirement a Mistake? The Real Math for $2.5M Savers

Is working one more year a mistake? It feels like the safest choice you can make. But healthy life expectancy in America is 66 — and full retirement age is 67 (That's not a typo). In this video, I run the real math on "just one more year" for a hypothetical couple with $2.5 million saved — five costs of working too long that most retirees never calculate — including the one-more-year math from NBER research showing that 83% of the financial gain from working another year comes from delaying Social Security, which you can do without working at all. ========= 🗓️ WORK WITH US: https://www.covenantwealthadvisors.co... ========= You'll learn why the paycheck of a high-earning couple is worth far less than it looks after taxes, how the use-it-or-lose-it Roth conversion window between retirement and required minimum distributions works — and why every extra working year deletes a low-tax year you never get back — plus what actual retiree spending data says about the money you may never spend. Then — because working longer is sometimes exactly right — the three signs one more year IS worth it. 📚 RESEARCH & SOURCES REFERENCED • CDC/NCHS — Life expectancy at 65 (2024 data) • IHME/The Lancet Public Health — U.S. healthy life expectancy • NBER Working Paper 24226 — "The Power of Working Longer" (Bronshtein, Scott, Shoven, Slavov) • EBRI 2026 Retirement Confidence Survey — 46% of retirees left earlier than planned • David Blanchett, Journal of Financial Planning — the "retirement spending smile" • J.P. Morgan Guide to Retirement 2026 — household spending by age • KFF — 2026 ACA marketplace premiums WHO WE ARE Covenant Wealth Advisors is a fee-only, fiduciary wealth management firm with offices in Richmond, Reston, and Williamsburg Virginia, serving retirees and pre-retirees across the country. Retirement income planning. Tax planning. And investment management. Planned as one. ▶️ WATCH NEXT: 5 Really Good Reasons to File for Social Security at 62:    • 5 Really Good Reasons to File for Social S...   CHAPTERS: 0:00 66 vs 67: The Two Numbers That Don't Get Along 0:47 Why "Just One More Year" Feels Like the Safe Choice 1:32 Cost #1: The Healthy Years You Can't Buy Back 3:22 Half of Retirees Don't Get to Pick Their Date 3:40 Cost #2: What Your Paycheck Is Really Worth After Tax 5:26 The Commute, the Wardrobe, and the Coffee Habit 6:07 Cost #3: The One More Year Math (83% Is Social Security) 7:41 Why Working Longer Helps High Savers the Least 8:32 Cost #4: Your Shrinking Roth Conversion Window 10:30 Cost #5: The Money You'll Probably Never Spend 12:07 Sign #1: Your Plan Is Actually Short 12:38 Sign #2: Health Insurance Before Age 65 13:13 Sign #3: You Have Nothing to Retire Into 14:09 The 5 Costs Recap and Your Next Step DISCLAIMER: This video is for educational and informational purposes only and does not constitute personalized financial, tax, or legal advice. All examples, including "John and Lisa," are hypothetical and for illustrative purposes only — they do not represent actual clients or client results. Tax figures reflect rules in effect for tax year 2026 as of the publication date and are subject to change; the ACA subsidy provisions and the federal senior deduction referenced are scheduled to change or expire under current law. Roth conversions and withdrawal strategies depend on individual circumstances and may not be appropriate for everyone. Past performance is not indicative of future results. Investing involves risk, including possible loss of principal. Consult your own financial advisor, CPA, or attorney about your specific situation before acting on anything discussed here. Covenant Wealth Advisors is a registered investment advisor. #retirementplanning #retirement #whentoretire #socialsecurity #taxplanning #rothconversion #rmd #retireearly