Many of us spend decades saving for retirement. But what happens when it’s time to spend those hard-earned dollars…how do you make them last? 

On the most recent episode of Your Money Map, our bi-weekly show with the Alliance for Lifetime Income, we talk about all things decumulation with the pros — Christine Benz, Director of Personal Finance and Retirement Planning for Morningstar, and David Blanchett, Research Fellow with the Alliance for Lifetime Income Institute.

If you like this episode and want more, check out all of our Your Money Map episodes at protectedincome.org/your-money-map/ or tune in live every other Wednesday at 12 PM ET on Facebook or LinkedIn.

CHAPTERS:

00:00 Retirement worries

05:00 Why spending down our money in retirement can be so stressful

16:00 Redefining retirement as financial independence

25:00 Spending for maximum happiness

TAKEAWAYS:

• Start by identifying your essential expenses and aligning them with guaranteed income like Social Security or annuities to cover the basics.
• Lifelong savers often struggle to spend their hard-earned money. To overcome this mindset, consider using strategies like “spending pots” for travel or hobbies, which allow you to enjoy your savings guilt-free.
• Adding guaranteed income (like annuities) to your retirement plan can provide peace of mind and allow you to spend more freely, knowing your essential needs are covered.

Learn more about our Finance Fixx program here. Use code PODCAST for a $100 discount. Interested in learning more about investing alongside hundreds of other women? Join us every other Monday night on Zoom at investingfixx.com.

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