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
forum Ask episode
web_stories AI Snips
view_agenda Chapters
menu_book Books
auto_awesome Transcript
info_circle Episode notes
volunteer_activism ADVICE
Lifestyle Adjustments in Retirement Planning
Consider how lifestyle changes in retirement will impact spending.
Don't assume peak earning years' spending will remain constant.
insights INSIGHT
Visualizing Your Future Self
Envisioning your future self, especially an aging one, is difficult.
Tools exist to visualize your older self, aiding in retirement planning.
volunteer_activism ADVICE
Phased Retirement
Transition into retirement gradually, rather than using an on-off switch.
Explore phasing into retirement and adjusting work life balance.
Get the Snipd Podcast app to discover more snips from this episode
Christine Benz's "How to Retire" provides a comprehensive guide to retirement planning, moving beyond simplistic rules of thumb. The book delves into dynamic spending strategies, emphasizing the need to adapt to changing life circumstances and expenses. It addresses the psychological challenges of transitioning from saving to spending, offering practical advice on managing finances and maintaining a fulfilling life in retirement. Benz also explores the importance of purpose and relationships in retirement, highlighting the need for a holistic approach that considers non-financial factors. The book is a valuable resource for anyone approaching retirement, offering insights and strategies for a successful and enjoyable transition.
Taking Stock
Jordan Grumet
How to Retire
Christine Benz
Christine Benz's "How to Retire" provides a comprehensive guide to retirement planning, moving beyond simplistic rules of thumb. The book delves into dynamic spending strategies, emphasizing the need to adapt to changing life circumstances and expenses. It addresses the psychological challenges of transitioning from saving to spending, offering practical advice on managing finances and maintaining a fulfilling life in retirement. Benz also explores the importance of purpose and relationships in retirement, highlighting the need for a holistic approach that considers non-financial factors. The book is a valuable resource for anyone approaching retirement, offering insights and strategies for a successful and enjoyable transition.
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:
The Examined Life 
