Daily Money - A Retirement Lesson From the GOAT

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November 19, 2024

I’m not a big basketball fan (I was raised in a household that essentially mandated a love of baseball instead). But on Thursday, the NBA’s all-time leading scorer and perennial all-star LeBron James said something that made my ears perk up. When asked how many years he has left in the tank, he replied, “I’m not playing until the wheels fall off.”

That got me thinking. Not because James turns 40 next month, and the average age of an NBA player is 26: He’s still near the top of his game, as evidenced by his gold medal performance at the Summer Olympics. Rather, it made me consider how many people work until their bodies just can’t take it anymore.

What’s left of us — physically — once we leave the workforce?

Data shows that although people ages 65 and older account for 18% of the population, they make up 36% of health care spending. The older we get, the more it costs to keep us ambulatory. So while a staggering number of Americans are worried that they won’t be financially prepared for retirement, those who are should also take into account that “just one more year” could mean sacrificing valuable time and health.

Hopefully, I’m still decades away from that decision. But when I get there, I want to be able to look at my retirement plan and know that I’ve done everything I could financially to feel confident in my choice to hang it up. At that age, the prospect of working until the wheels fall off should take a distant backseat to hiking with my wife, fishing with my grandkids or kayaking with my dog. And I’ll be grateful to my body for still allowing me to do those things.

— Jordan Chussler, investing and banking editor

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Homeowners have gained nearly $150,000 in home equity since 2019 — which shakes out to about $30,000 per year. The massive gains are because of the rapid increase in home prices that started during the pandemic and continues today.

Most seniors will need some form of long-term care. However, the costs can be staggering, and traditional health insurance and Medicare often don’t cover these expenses. Long-term care insurance can provide a safety net for your family should you become disabled or chronically ill. By using insurance to pay for long-term care, you could help protect your assets, not deplete your savings, and leave an inheritance for your loved ones.

Check out Money’s list of top long-term care providers.

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