Many American workers who are saving and planning for their retirement years experience a wide range of feelings about their financial future.
Bestselling author and motivational speaker Tony Robbins offers some straight talk about how to approach retirement and Social Security — and explains some tactics people can use to tackle the task.
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Because monthly Social Security paychecks are not enough to live on comfortably, many people worry they will not have enough money saved to last through retirement.
Others have strong feelings of guilt about having not saved enough — and even have regrets about financial decisions they have made in the past, such as not participating in their employer-matching 401(k) plan or investing in an Individual Retirement Account (IRA).
Related: Tony Robbins warns Americans on Social Security mistake to avoid
Some workers experience uncertainty about future health care needs. People who have paid Medicare taxes are eligible to enroll at age 65, but there are expenses involved such as premiums, deductibles and prescription drug costs.
And Medicare does not cover all health care expenses, including costly long-term care insurance, for which people need to find insurance on their own.
Tony Robbins weighs in with a few strategies people can use to help them handle both the financial and emotional stresses of planning for retirement.
A retired couple is seen walking along a beach. Author and motivational speaker Tony Robbins explains a few keys to building wealth for the future.
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Tony Robbins has a blunt point on Social Security benefits
Robbins explains that Social Security was not designed to completely replace retirement savings — and this is particularly true in 2025 as life expectancy continues to lead to longer retirements.
Not planning well for retirement and assuming Social Security will be enough to cover finances is a “recipe for disaster,” Robbins has written.
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And the author contends that money has unique powers. It can create, it can destroy, it can be a blessing and it can be a burden.
“When you lack confidence about money, it affects other areas too,” Robbins says. “But when you take charge of your finances, it empowers you.”
He explains that people do not only think of money in terms of being able to afford the things they need, but also the things that they want.
Related: Suze Orman warns Social Security recipients of a looming threat
Tony Robbins says people can become money masters
Robbins does not just talk about becoming competent with finances, or even about learning to handle them with some degree of expertise. He contends that with the right mindset, a person can become a “master of money.”
First, Robbins explains his belief that 80% of wealth is psychological. The other 20%, he says, is the mechanics of managing it.
“Money has no power by itself, only the power you give it,” his website states. “That’s why mindset – your ability to focus and the state you put yourself in – is the ultimate power.”
Robbins refers to this as a person’s peak state. When a person achieves this, not only do they plan well for their retirement and Social Security years, they believe they deserve it and even begin to think about how they can use their money to “create a positive impact on the world.”
Robbins also discusses the importance of self-discipline when it comes to personal finance. This involves ignoring the impulse of instant gratification.
He says mastering money requires a person to embrace delayed gratification. And that, he believes, involves one first mastering one’s mind.
“Mastering money is a long game, which takes patience, strategy, a willingness to fail, and a desire to learn from those failures,” his website adds. “Master your own mind, and you’ll put yourself in a position to master the game of money.”
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