How to Live a Regret Free Retirement with Christine Benz

Mar 15, 2024

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Summary

Christine is director of personal finance and retirement planning for Morningstar, Inc. In that role, she focuses on retirement and portfolio planning for individual investors. She also co-hosts a podcast for Morningstar, The Long View, which features in-depth interviews with thought leaders in investing and personal finance. and I was honoured to be asked to be a guest on last year (link in the show notes). She is a prolific writer and her published Morningstar articles are must reads for anyone interested in retirement planning.

In this episode, Christine and I cover a lot of ground! We discuss various aspects of retirement planning, including blind spots, sequence risk, inflation, the bucketing approach to income management, the importance of continuing to work, and lessons for a happy and successful retirement. Christine emphasizes the need to consider both financial and non-financial aspects of retirement and to make choices that align with personal happiness and purpose and also highlights the value of working with a financial planner to navigate the complexities of retirement planning.

Takeaways

Retirement planning should consider both financial and non-financial aspects, such as happiness, purpose, and social connections.
Blind spots in retirement planning include sequence risk, inflation, and unexpected spending shocks.
A bucketing approach to retirement income can help manage sequence risk and ensure liquidity for short-term needs.
Continuing to work in retirement can provide financial security, social connections, and a sense of purpose.
Spending in line with personal happiness and avoiding regrets are key considerations in retirement planning.
Working with a financial planner can help navigate the complexities of retirement planning and ensure a successful retirement. Retirement planning is crucial for financial security in later years.
Common mistakes in retirement planning include underestimating expenses and not starting early enough.
Financial advisors can provide valuable guidance and expertise in retirement planning.
Behavioural biases can negatively impact retirement planning decisions.
Seeking outside help, such as financial advisors or experts, can help identify blind spots and provide a fresh perspective.

Chapters

00:00 Introduction and Background

07:15 The Blind Spots of Retirement

13:38 Mitigating Sequence Risk and Inflation

17:47 Bucketing Approach to Retirement Income

25:26 The Importance of Continuing to Work in Retirement

35:37 Lessons for a Happy, Successful, and Wealthy Retirement

38:20 Spending to Optimize Happiness

40:26 Living Life with No Regrets

48:15 The Value of Working with a Financial Planner

10:32 Common Retirement Planning Mistakes

23:45 The Role of Financial Advisors in Retirement Planning

34:56 The Impact of Behavioral Biases on Retirement Planning

43:21 The Value of Seeking Outside Help

51:09 Blind Spots and the Importance of Outside Perspective

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