Masters in Business At The Money: Planning Your Retirement?
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Jul 2, 2025 Christine Benz, Director of Personal Finance & Retirement Planning at Morningstar and author of 'How to Retire,' offers invaluable insights on retirement planning. She discusses the importance of finding purpose after your career, suggesting fulfilling activities to maintain joy. Benz emphasizes structuring income sources like Social Security and annuities for basic living expenses. She shares effective investment strategies, including the bucket strategy, and highlights the benefits of proactive, organized planning as essential for a smooth transition into retirement.
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Purpose is Key in Retirement
- Purpose in retirement is crucial since many lose identity after leaving work.
- Finding small joyful activities can provide meaningful purpose without grand ambitions.
Start Retirement Planning Early
- Start planning your retirement vision ideally by age 50 to avoid depletion.
- Gradually shed tasks you dislike and focus on enjoyable work before retiring.
Diversify Retirement Income Sources
- Prioritize stable non-portfolio income like Social Security or annuities first.
- Use a total return portfolio and dynamically select distribution sources annually.
