Retire With Purpose - The Retirement Podcast 531: By the Numbers: Why Retirees Often Spend Too Little, Too Late
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Nov 7, 2025 New research reveals retirees often under-spend, missing out on their healthiest years. The concept of a 'retirement spending smile' highlights how financial planning can maximize enjoyment in retirement. The hosts also discuss common pitfalls in traditional income strategies and the psychological factors behind spending regrets. Insights into inflation's effects on retirees' investment approaches shed light on balancing risk and security. Exploring gold's role, they analyze its history and relevance, emphasizing thoughtful financial strategies for a fulfilling retirement.
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Beware Cherry-Picked Performance Windows
- Gold has massively outperformed the S&P 500 in the 2000–2025 window, which tempts investors to reallocate from stocks to gold.
- Marshall warns this is cherry-picking because 2000 started at a stock market peak, distorting the comparison.
Client Shifted Portfolios Due To Inflation Fear
- Casey recounts a conservative retiree who after 15 years shifted from fixed income into equities because of inflation fears.
- The client accepted more principal risk to preserve purchasing power despite already having 'enough.'
Jewelry Dominates Gold Demand
- Nearly half of all mined gold is used for jewelry, while only ~22% is private investment and ~17% is central bank holdings.
- Industrial use accounts for less than 15% of above-ground gold, so device demand can't fully explain rapid price moves.
