GABRIEL BOUYS/AFP via Getty Images
Simone Biles has built her career on pushing boundaries and redefining what’s possible in gymnastics. Yet, there’s one question she still can’t answer with certainty: will she compete at the 2028 Olympics in Los Angeles?
While fans continue to speculate, the decision to retire is not as simple as stepping off the balance beam. For Biles, it’s about weighing her future — both in and out of the gym — figuring out if another Olympic run fits into the picture of her life and career.
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“I’ve accomplished so much, there’s almost nothing left to do, rather than to just be snobby and to try again, and for what? I’m at a point in my career where I’m humble enough to know when to be done,” she told Sport Illustrated in an interview published in January.
With 11 Olympic medals — seven of them gold — the gymnast’s achievements are undeniable. But even with such success, knowing when to walk away is never easy. Whether you’re a professional athlete or considering retiring from your 9-to-5 job, decisions can feel anything but straightforward. However, taking the time to weigh a few factors can make the transition to the next chapter a bit smoother.
What’s worth it?
In her conversation with Sports Illustrated, Biles opens up about the sacrifices she’s made at different stages of her life to achieve a certain level of success in her career. But as she continues to evolve, the relentless time and dedication required to stay on top come with increasingly significant trade-offs.
“What sacrifices would be made if I go back now?” Biles reflected. “When you’re younger, it’s like, prom, college. Now it’s like, starting a family, being away from my husband. What’s really worth it?”
Whether you’re contemplating retirement to focus on family, explore new passions or simply enjoy the fruits of your labor, financial preparedness is key. According to a study by the Employee Benefit Research Institute (EBRI), 38% of retirees underestimated their medical expenses in retirement, with health care costs catching them off guard.
In recent years, Americans aged 65 to 84 have seen their health care spending grow at a faster rate than younger individuals, according to the Centers for Medicare and Medicaid Services. Medicare benefits don’t kick in until age 65, meaning if you plan to retire earlier, you’ll need to account for private health insurance or build a financial cushion to handle unexpected medical expenses.
Planning ahead and ensuring your savings align with your long-term goals can make all the difference in a smooth transition.
Read more: I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
Other key factors to consider
While professional athletes push their physical limits, most Americans retire say the ideal retirement age is 63, according to a study by Mass Mutual. However, whether you’re vaulting across a competition floor or working a desk job, one factor remains universal: being financially ready to retire is important.
You can start claiming your Social Security retirement benefit as early as age 62, but you’ll only receive the full amount once you reach your full retirement age — 67. If you choose to collect benefits at 62 instead of waiting until 67, your monthly payments will be reduced. For instance, if you turn 62 in 2025, your benefit would be reduced by around 30% compared to what you’d receive at full retirement age.
According to the Social Security Administration (SSA), the average monthly check for retired workers was around $1,975 as of December 2024. Holding off on claiming that benefit is the best way to maximize your benefits. For every year you delay receiving Social Security beyond your full retirement age or until you reach age 70, your benefits will increase by 8%.
Some retirees may have enough cash set aside in their other retirement accounts that they can hold off on claiming those benefits until the ideal time. But if that’s not in the cards or the idea of shrunken benefits sets off alarm bells, working a few extra years can help you build a stronger financial cushion for retirement. Before setting a date for retirement, it’s important to weigh how your life will change in retirement. Consider what you want to do — whether that be relocating, traveling, or picking up new hobbies — and how much things like health care, insurance and everyday expenses will cost you going forward.
Staying in the workforce a little longer also means you can continue to maximize contributions to your 401(k), especially if your employer offers matching contributions.
Taking a cue from Biles and asking yourself what’s really worth it can help you find the right balance between financial security and personal fulfillment. If you’re unsure whether you’re financially ready to retire, consulting a financial adviser can provide clarity and guidance tailored to your goals.
Retirement isn’t a one-size-fits-all decision, but with careful planning, you can transition into this next chapter with confidence and peace of mind.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
