HerMoney with Jean Chatzky Your Money Map Replay: Decumulation Demystified with Christine Benz and David Blanchett
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.
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The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.
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