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Every successful retirement comes down to mastering one critical number.
And no — it’s not your net worth, your savings rate, or even your withdrawal percentage.
To prove this point, let me tell you about someone who had everything money could buy — yet nearly lost everything that mattered.
He’s worth over $60 million. He’s won Olympic gold 23 times. For over a decade, he was the most dominant athlete on the planet, appearing on Wheaties boxes and becoming a household name worldwide.
But six months after retiring from competition, he was sitting in his Baltimore apartment, curtains drawn, contemplating ending his own life.
That man was Michael Phelps.
Despite having more money, fame, and achievement than most people could dream of, Michael hit rock bottom the moment his swimming career ended. He fell into severe depression, turned to alcohol and drugs, and struggled with thoughts of suicide.
His story reveals a harsh truth about retirement: financial security means nothing without life direction.
The number Michael — and every retiree — failed to account for isn’t found in any portfolio statement.
It’s 168.
The number of hours in every week of your retirement.
Why Your Time Matters More Than Your Money
Here’s what most retirement advice gets wrong: it focuses entirely on accumulating wealth while ignoring the most important question every retiree will face.
How will you spend 2,000+ hours of free time every year for the next 20-30 years?
This isn’t just a lifestyle question — it’s the foundation of every smart financial decision you’ll make in retirement.
Think about it: until you know whether you want to volunteer at the local food bank or backpack through Southeast Asia, how can you possibly know if you need $600,000 or $2 million to fund your retirement?
Your weekly schedule determines everything: your budget, your tax strategy, your housing needs, your healthcare requirements, and even how long your money needs to last.
That’s why successful retirement planning starts with a simple question: What will make your 168 hours meaningful?
The Two Retirement Disasters We See Every Day
In our financial planning practice, we’ve worked with hundreds of retirees. And we’ve noticed a clear pattern among those who struggle most.
Retirees without a clear sense of purpose make two costly mistakes:
They overspend impulsively — buying expensive toys, taking unplanned trips, or renovating homes they don’t really need, all in a desperate attempt to fill the emotional void left by their career.
Or they underspend out of fear — hoarding their savings because they’re paralyzed by uncertainty about the future, afraid to touch their nest egg without a clear plan for what they’re saving it for.
Both approaches lead to the same outcome: financial stress and deep personal dissatisfaction.
But when someone knows exactly what energizes them? When they’ve thought through how they want to spend their time?
Everything changes.
We can design cash flow around real goals instead of vague fears. We can determine whether they need aggressive growth or stable income based on their actual lifestyle plans. We can time Social Security claims, Roth conversions, and portfolio withdrawals with intention rather than guesswork.
That’s when financial planning stops being about anxiety and becomes about enabling the life you actually want to live.
Two Retirees, Two Approaches, Two Very Different Plans
Let me show you what this looks like with two recent clients whose stories couldn’t be more different.
Meet Bob and Joan: The Steady Builders
Bob spent 35 years climbing the telecommunications industry ladder. Joan dedicated herself to raising their four children. Now in their mid-60s, they’re financially comfortable but not wealthy — those early years on one income meant some lean savings periods.
Here’s what makes Bob unique: he genuinely loves his work. He sets his own schedule, works from home, and considers his colleagues close friends. Retirement, for Bob, isn’t about escaping work — it’s about having the freedom to work on his terms while ensuring Joan’s security.
Their 168 hours center around:
- Bob continuing to work part-time in a field he’s passionate about
- Joan pursuing her long-delayed interest in community theater
- Both spending more time with their grandchildren
- Simple pleasures: gardening, reading, local travel
For Bob and Joan, we crafted a plan focused on security and flexibility:
- Delayed Social Security until age 70 to maximize Bob’s benefit and protect Joan’s future income
- Strategic tax planning to minimize future required distributions while protecting Joan if she becomes a single filer
- Charitable giving strategy using qualified charitable distributions to satisfy their desire to give back
- Balanced portfolio approach emphasizing steady growth with protection, since Bob plans to work several more years
Meet Steve and Carol: The Global Adventurers
Carol retired early from a demanding law career. Steve wrapped up his construction management business. For them, retirement represents freedom from decades of intense work schedules — and they’re ready to see the world.
Their 168 hours look completely different:
- Four international trips per year, focusing on cultural immersion
- Taking their adult children and grandchildren on a dream African safari
- Splitting time between their primary home and new mountain retreat
- Steve pursuing his passion for photography while Carol writes the novel she’s always planned
Steve and Carol needed a plan built for adventure and flexibility:
- Coordinated Social Security strategy allowing early retirement while maximizing lifetime benefits for both spouses
- Aggressive Roth conversion plan to manage their substantial pre-tax retirement accounts and reduce future tax burdens
- Significant taxable account allocation for flexibility, tax-loss harvesting, and liquidity for major purchases
- Comprehensive estate planning to efficiently transfer wealth to children and fund grandchildren’s education
- Growth-oriented portfolio accounting for inflation, longevity, and their ambitious spending goals
Same question — “How will you spend your 168 hours?” — two completely different answers, two entirely different financial strategies.
The Michael Phelps Transformation
Remember Michael Phelps, sitting alone in that dark apartment?
His story doesn’t end there.
After hitting rock bottom, Michael made a crucial decision: he sought help. But more importantly, he redefined what retirement meant to him.
Today, Michael has found his new 168-hour purpose. He’s become a passionate advocate for mental health, using his platform to break stigma and support others through their darkest moments. He launched the Michael Phelps Foundation, empowering young people through water safety and emotional wellness. He speaks globally about resilience, raises his children with intention, and has built a mission far more meaningful than any medal.
Michael didn’t just recover from retirement depression — he discovered that life after achievement could be even more fulfilling than the achievements themselves.
He found his new purpose. He filled his 168 hours with meaning.
Have You Defined Your 168?
The most successful retirees we work with all share one trait: they knew exactly what retirement was FOR before they worried about whether they had enough money to fund it.
If you’re ready to move beyond generic retirement advice and create a financial plan built around your actual dreams and goals, we’d love to help you define your 168-hour vision and build the strategy to make it happen.
Because retirement isn’t just about having money to live on — it’s about having something meaningful to live for.