The Examined Life
How do you prepare for retirement? [Christine Benz]
Jan 9, 2025
Christine Benz, Director of Personal Finance and Retirement Planning at Morningstar, shares her insights on redefining retirement. She emphasizes the often-overlooked importance of relationships and purpose over mere financial planning. Drawing from her new book, she reveals the surprising 'smile' pattern of retiree spending, challenging the idea that retirees will spend as they did during their peak earning years. Benz also discusses the evolving dynamics of social connections and the significance of finding both 'big P' and 'small P' purposes in retirement.
01:00:42
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Quick takeaways
- Retirement planning should encompass both financial stability and considerations of personal identity and purpose to ensure fulfillment.
- Challenging the notion that retirement spending mirrors peak earning years can lead to more accurate financial planning and resource allocation.
Deep dives
The Holistic Approach to Retirement Planning
Retirement preparation encompasses both financial and non-financial aspects. Financially, individuals must assess whether their savings, along with Social Security or pensions, will support their desired lifestyle. However, non-financial considerations, such as identity and purpose, are equally vital and often overlooked. Successful retirement planning should integrate both dimensions, as achieving a fulfilling life in retirement depends on how well these elements coexist.
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