‘Humble enough to know when to be done’: Simone Biles reveals why she might skip the 2028 Olympics — here are some things to consider before vaulting into retirement

What’s worth it?

In her interview with Sports Illustrated, Biles opens up about the sacrifices she’s made at different stages of her life to achieve the 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 recent 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](https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/Downloads/AgeandGenderHighlights.pdf). 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.

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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 $1,925 as of November 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.