Tony Robbins warns Americans on Social Security, retirement fears todayheadline

Many Americans planning for retirement and claiming Social Security benefits for the first time find themselves confronting a challenging puzzle that involves a number of potential stresses.

Personal finance author and motivational speaker Tony Robbins offers a bold perspective on what people need to do to prepare for the big financial step. 

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High on the list for people planning for retirement is concern about health care costs. 

Medicare is available for people when they become 65 years old. But those costs come with some challenges. There are premiums, deductibles and copays to consider.

It’s also important to understand that long-term care insurance  — often retirees’ largest expense — needs to be purchased. 

While in their working years, people can invest and save in 401(k) plans that are matched by their employers. Individual Retirement Accounts (IRAs), including Roth IRAs, contribute to a comfortable retirement.

Related: Tony Robbins warns Americans on Social Security mistake to avoid

These financial tools are vital, because monthly Social Security paychecks are not to be relied on for a lifestyle that most people hope for in their retirement years.

That’s what Robbins means when he warns people to evaluate their finances carefully and plan for the future.

Tony Robbins has a warning about Social Security planning

Robbins explains that stress about retirement and Social Security need to be confronted with some serious self-evaluation.

“Time to get your head out of the sand and do some easy number crunching to find out where you are and where you need to be,” his website states. “Remember this: Anticipation is the ultimate power. Losers react; leaders anticipate.”

More on retirement strategies:

• Tony Robbins warns Americans on Social Security mistake to avoid
• Dave Ramsey has blunt words on Medicare for retired Americans
• Suze Orman offers candid advice on Social Security for retirees

Robbins points readers to a Retirement Confidence Survey (RCS) that clarifies some key details about the stress Americans feel with regard to preparing for retirement.

Among the good news is the finding that less than a third of workers feel “very confident” about whether they can afford a comfortable retirement.

At the same time, the survey explains, 58 percent of Americans say that they somewhat or strongly agree with the statement that retirement planning makes them feel stressed.

Related: Dave Ramsey warns Americans on Social Security, Medicare growing problems

Tony Robbins discusses Social Security’s limitations

Not planning enough for retirement finances and hoping that Social Security benefits will be sufficient to provide enough money for one’s desired lifestyle are mistakes that should be avoided, Robbins advises.

“Social Security was never intended to become a replacement for retirement savings, especially considering the extended length of retirement we can anticipate with longer lifespans,” his website writes.

Further, the RCS report finds that a significant percentage of workers report that they have very little money in investments and savings.

Among RCS workers providing this type of information, 27 percent report
that the total value of their savings and investments, excluding the value of their
primary home, is less than $25,000. This includes 13 percent who say they have
less than $1,000 in savings. Seven percent report totals of $25,000–$49,999, 12 percent
$50,000–$99,999, 21 percent $100,000–$249,999, and 33 percent $250,000 or more. 

Robbins explains that there are several ways to think about how much one needs to retire. In fact, he talks about what he calls the “ultimate retirement dream.”

This is achieving total financial freedom to do whatever one wants in retirement with no worries about running out of money. 

He suggests that one can assume they have to plan for 20 years of retirement. 

Robbins’ simple calculation involves taking a close look at all spending for one year and multiplying that by 20.

And, importantly, one should be conservative with these calculations and not “overly optimistic.” 

“If you’re focused on doing what you love, you’ll not only master the science of achievement — and financial success —  but also the art of fulfillment,” Robbins writes.

Related: Veteran fund manager issues dire S&P 500 warning for 2025