Masters in Business At The Money: The Right Way to Spend Your Money in Retirement
Jul 16, 2025
Christine Benz, Director of Personal Finance at Morningstar and author of 'How to Retire: 20 Lessons for a Happy, Successful and Wealthy Retirement,' shares valuable insights on navigating retirement finances. She discusses the challenges retirees face in transitioning from saving to spending and the importance of personalized financial plans. Christine also emphasizes a conservative withdrawal strategy, the significance of annual portfolio reviews, and how legacy planning can enhance family bonds while encouraging retirees to enjoy their wealth responsibly.
AI Snips
Chapters
Books
Transcript
Episode notes
Spending Is Tough For Savers
- Many retirees struggle to shift from saving to spending due to long habits of frugality.
- This can lead to under-spending, reducing quality of life in retirement years.
Psychology Behind Spending Reluctance
- Psychological identity as a saver makes spending money uncomfortable.
- Fear of long-term care costs and portfolio drops amplifies reluctance to spend.
Spend Wisely Over Retirement
- Use a financial advisor or research safe withdrawal rates to feel comfortable spending.
- Spend more in early retirement when health is good and reduce spending as you age.
