Too many people spend their time worrying about what they can’t control. But you have to focus on what you can control and disregard the rest. We are where we are today because of the decisions and choices we’ve made in the past. As you look ahead at your future retirement, you’ll be where you are because of the decisions you make now. 

There are things you can’t control like the economy, who’s in the white house, the war in Ukraine, and more. You’re wasting your time if you spend it thinking, “If only things were different.” So in this episode of Retirement Made Easy, let’s step back and focus on what we can control: What decisions can you make that will have an impact on your retirement? 

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You will want to hear this episode if you are interested in...

• [4:55] Check out RetirementMadeEasyPodcast.com for FREE resources!
• [7:37] Focus on What You CAN Control—ignore what you can’t
• [10:55] You get to control your retirement accounts
• [13:56] You get to control your pension options
• [16:30] You get to control when you retire

What you can—and can’t—control

Journalists use inflammatory language like, “The Market Plunges” or “The Market Soars.” These tactics are meant to scare you and get clicks. The market goes up and the market goes down. You can’t control the nature of the market and what it does. But you can control your emotions and how you react. You can also control the risk that you’re taking in your portfolio. What else can you control? 

• You can control how much debt you pay off
• You can control how much you pay in taxes and when you pay them
• You can control how your IRAs, 401ks, and retirement accounts are invested
• You can control how much is in your emergency fund
• You can control how much you contribute to your HSA and 401k
• You can control when you claim your social security benefit (and how much it pays out)

I want to encourage you to focus on what you can control. If you believe taxes are going up in 2026 when the Tax Cuts and Jobs Act expires, you can start doing Roth conversions. That’s strategic decision-making. If Congress doesn’t act, you’ll pay 15% Federal taxes instead of 12%. There’s also a possibility that they might extend the low tax environment—but we have no control over that. 

You get to control your pension options

Another thing you can control is how you claim a pension (If you’re lucky enough to have one). Do you choose the lump sum option? As long as the lump sum is managed properly, it can be a good choice. But if you don’t invest it properly so it lasts, you’re better off selecting the lifetime annuity option. Do you take the single-life option? The spousal 100% survivor option? What about the 75% survivor or 50% survivor option? 

If I’m looking at a private pension, I’m looking at how well-funded it is. I’ve seen pensions that are 97% funded and I’ve seen some that are 60% funded. If I had a pension and the report said it was only 60% funded, and I can take a lump sum, I’d take it in a heartbeat. 

Some people say, “Well my company is strong.” Guess what? 25 years ago Blockbuster was a strong company. JCPenney and Sears were strong companies. If you retire at 62, you’re projected to live until 92. What will your company look like 30 years from now? No one knows—and you can’t control it. 

You get to control when you retire

When someone retires, they want to draw income from their Roth IRAs, 401ks, IRAs, etc. You have a strategic decision to make. Do you want to partner with an advisor who can come up with a strategy that produces income—such as dividends and interest—that you can live off of? You can control who you work with to manage your money—and when you retire. 

I have some clients who want to wait to retire until their house is paid off. Or they want to wait until they get their annual bonus. Or they want to wait until they pay off their kid’s student loans. Or they want to wait until they're 65 and qualify for Medicare and their pension is maximized. Maybe they want to wait to take social security until their full retirement age. You get the picture. There are many things that are in your control. Why not focus on those and let go of the rest? 

Connect With Gregg Gonzalez

• Email at: [email protected] 
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