Retirement Answer Man

How to Retire with Christine Benz

Dec 4, 2024

Christine Benz, author of "How to Retire" and director of personal finance at Morningstar, shares her expertise on holistic retirement planning. She discusses the importance of balancing financial and non-financial aspects of retirement, tackling long-term care, and simplifying investment strategies. Insights on the bucket strategy for asset allocation and the emotional complexities of caregiving provide a well-rounded view. The conversation also addresses adapting retirement plans in light of changing political and economic landscapes.

01:02:14

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Episode guests

Christine Benz

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Quick takeaways

Christine Benz emphasizes the necessity of a holistic approach to retirement that balances both financial stability and personal fulfillment.

Simplification in investment strategies, such as utilizing the bucket strategy, is crucial for retirees to effectively manage their portfolios.

Long-term care planning must consider emotional nuances and involve a reliable support system, beyond just the financial aspects.

Deep dives

Holistic Retirement Approach

The discussion emphasizes the importance of taking a holistic view of retirement planning by considering both financial and non-financial factors. Christine Benz, the guest, expresses her belief that retirement should not be solely defined by financial metrics but should also encompass lifestyle and personal satisfaction. Her goal with the book is to present a more relatable perspective on retirement, making it approachable and friendly, in contrast to more technical guides. By including insights from various experts, she aims to address a wide array of topics that affect retirees beyond just their investments.

Intro

2min

Simplifying Retirement Planning

18min

Navigating Long-Term Care: Challenges and Strategies

10min

Tailoring Asset Allocation for Retirement

6min

Navigating Global vs. U.S. Equity Allocation Challenges

2min

Balancing Bonds and Retirement Planning

22min

Reflections on Retirement, Discounts, and Historical Journals

3min

Join us for a special episode as we welcome Christine Benz to discuss her new book, "How to Retire." In a captivating conversation at the Rock Retirement Club, we dive into topics like long-term care, the 4% rule, investing strategies, and simplification. Featuring insights from Fritz Gilbert, a member of the club and contributor to Christine's book, this episode offers a holistic view of retirement planning. Discover how to balance financial and non-financial aspects for a fulfilling retirement journey.

INTERVIEW WITH CHRISTINE BENZ

(01:26) Rock Retirement Club welcomes Christine Benz to chat about her new book, How to Retire

(02:40) Roger asks about the goal for the readers of this book.

(04:00) Christine: The goal was to cover retirement in a really holistic way and include as much non-financial as financial information on retirement planning.

(05:09) Roger: I was surprised that you did the book in the interview style, I think it helped make the book more approachable.

(07:24) Roger: Did you have any big insights that were unexpected?

(10:18) Fritz: I give Christine serious kudos for the approach she took and the amount of homework she did.

(11:47) Christine to Fritz: I love your methodical approach to dealing with the years leading up to retirement

(13:19) Marla asks Christine if she would change anything if she was writing this book today to accommodate the 2024 election results and also asks about managing portfolios on Morningstar.

(17:28) Roger: When it comes to portfolio construction, it's easy to overcomplicate things

(20:30) Larry asks Christine what challenges her or confounds her most about her own retirement planning.

(22:53) Larry asks “Are you concerned that we may not find people to provide long term care?”

(30:11) Kevin Lyles asks about asset allocation when you retire

(30:47) Christine: My chapter on asset allocation addresses the bucket approach, which I do find very customizable.

(36:56) Laura asks: When you talk about high quality bond portfolios, do bond funds work?

(41:06) One question I have when we're talking about indexes is about broad diversification.

(43:42) Roger: Now someone had a comment related to some of the research on small cap value. Do you have any view on that research on having a more diversified small cap value tilt?

(47:19) Eric asks “what is the argument for using tips for retirees?”

(50:24) Roger asks Fritz if he has been simplifying his portfolio or working more on optimization since retiring in 2018.

(52:50) Roger: The optimization part sometimes dominates the conversation.

(53:38) Roger asks Christine: Have you found, even in your own life, a balance between making sure you don’t get too complicated in investments?

(56:45) Biranna asks after 20 interviews, what question now rests in your mind?

(57:40) Christine: I've been thinking more about whether the concept of retirement is flawed

(58:59) We're going to share a link with members offering a discount to Morningstar.

(59:55) Next week on the show, we're going to chat about with Michael Easter about Gear vs Stuff

BONUS

(01:00:30) Roger reads an excerpt from his grandfather's WWII journal

REFERENCES

Wade Pfau