AGEIST Reframing Money, Work, and Retirement with Michael Finke
There is a science to retirement, and if we do it with purpose it can turn out very well. Ever wonder how to make the most of your money, work, and time as you age? There is data out there about this and we will dive into it. Today we talk with professor Michael Finke about finding the happy medium between these three, the meaning of money and the impact of work. Michael Finke, Ph.D. is a Professor of wealth management and Frank M. Engle Distinguished Chair in Economic Security at The American College of Financial Services and an expert on all things related money, retirement satisfaction and the psychology of retirement.
Knowing that various 'asset classes' like relationships, health, and intellectual curiosity can provide both immediate and long-term rewards, we explore opportunities to balance finances while still pursuing these other joy-forward assets. We also talk about the struggle of transitioning from a saving to a spending mindset in retirement - and where people often go wrong-which involves the limbic system of the brain and how it conflicts with our pre-frontal cortex.
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Key Moments:
“It's the spending of the money on the right kind of things that make you happy.”
“And in retirement, money facilitates. It's an avenue towards activities that actually do make you happy.”
“People feel differently about spending money from savings than they do spending money from income… Well, people spend more when they have $35,000 of income versus having $500,000 in savings. That's an example of how using your money the right way can actually help you get more satisfaction.”
Get in touch with Michael Finke