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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Episode guests

Christine Benz

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Episode notes

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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.

Phased retirement can help individuals transition smoothly by maintaining engagement and support, allowing for a more purposeful post-retirement life.

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.

Intro

3min

Balancing Financial and Non-Financial Aspects of Retirement Preparation

4min

Navigating Retirement in Your 30s and 40s

14min

The Philosophy of Health: Live Long, Die Quickly

2min

Navigating Retirement Planning

7min

Navigating Retirement Spending

20min

Evolving Relationships in Aging

5min

Redefining Purpose in Retirement

5min

What if we've been thinking about retirement planning all wrong? Christine Benz, Morningstar's personal finance expert, breaks down how our obsession with the financial aspects of retirement often overshadows other priorities like relationships and purpose. Drawing from her new book "How to Retire," she challenges the conventional wisdom that you'll spend the same in retirement as during your peak earning years, revealing how real retiree spending follows a surprising "smile" pattern. [Episode 84] Christine Benz is the Director of Personal Finance and Retirement Planning at Morningstar. Learn more about Christine:

• Connect with Christine on X/Twitter

• Connect with Christine on LinkedIn

• Christine at Morningstar

• Read Christine's Book: How to Retire

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