The Overlooked Aspects Most Retirement Plans Miss With Christine Benz (EP.200)

9 snips

Apr 16, 2025

Christine Benz, Morningstar’s Director of Personal Finance and author of How to Retire, explores the nuanced elements of retirement planning. She highlights the psychological challenges retirees face when shifting from saving to spending. Relationships and social networks play a vital role in a fulfilling retirement. Strategies for generating income in retirement spark debates among experts. Benz emphasizes the need for a mindset shift and shares insights on overcoming financial insecurities, making her insights invaluable for future retirees.

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INSIGHT

Retirement Requires Nurturing Relationships

Relationships become deeper but smaller as we age, requiring intentional nurturing beyond work connections.
Giving yourself permission to spend is crucial after a lifetime identity built on saving and investing.

ADVICE

Spend Wisely and Give Early

Give thoughtfully during your lifetime to make a meaningful impact on your family's financial needs.
Advisors can help determine reasonable spending, encouraging enjoyment of wealth rather than hoarding it for heirs.

ADVICE

Build Social Networks Before Retirement

Prepare for retirement by cultivating social networks outside of work, especially important for men.
Use examples of successful retirees in your life as models for building purposeful social connections.

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Retirement planning isn’t just about numbers—it’s about lifestyle, relationships, and finding purpose. In this episode, I sit down with Christine Benz, Morningstar’s Director of Personal Finance and the author of How to Retire, to explore the often-overlooked aspects of retirement beyond just saving and investing.

We discuss how retirees can prepare for the social and psychological shifts that come with leaving the workforce, why spending in retirement can be just as challenging as saving, and the biggest disagreements among experts when it comes to managing your money in later years.

Listen now and learn:

► Why the transition from saving to spending is so psychologically difficult

► The importance of relationships and social networks in retirement

► The most debated strategies for generating retirement income

► How to prepare for the cognitive challenges that come with aging

Tune in for an insightful conversation that will help you build a retirement plan that’s both financially sound and personally fulfilling.

Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.

(02:43) Introduction: Christine’s New Book & Why She Wrote It

(04:57) Under-Discussed Factors in a Happy Retirement

(08:19) Overcoming the Fear of Spending in Retirement

(11:03) The Role of Relationships & Social Networks

(13:47) Biggest Disagreements Among Retirement Experts

(17:37) Should You Work Longer or Retire Early?

(23:14) Christine’s Bucket Approach to Portfolio Withdrawals

(28:56) What Was Missing from the Book?

(32:16) The Future of Retirement Planning

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