Retirement Starts Today

Nick Maggiulli's latest article in Of Dollars & Data challenges one of the core ideas that drives personal finance blogs, podcasts, and even some of our own thinking — the belief that financial independence should be the ultimate goal.

We explore the surprising downsides of chasing early retirement, the difference between financial independence and financial freedom, and why something called "Coast FIRE" might be the real goal worth aiming for.

I also answer a listener question: What can retirees do to fight back against inflation? One listener asks how to protect their buying power as costs keep rising. We go over several practical, actionable ways to stretch your dollars and build an inflation-resistant retirement.

Resource:

Article by Nick Maggiulli in Of Dollars & Data: Why Financial Independence is Overrated

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New research from David Blanchett, head of retirement research at PGIM, challenges one of the biggest assumptions in retirement planning: that happiness in retirement depends on maintaining a constant—or even increasing—level of spending.

⬇️ Upon entering retirement, households experience a median consumption decline of about 20%.

This drop is often viewed as a red flag in traditional financial planning models.

However, Blanchett argues that this decline is not necessarily problematic, especially when you look at how financial well-being changes over time.

☎️ Then on our listener question, we hear from a 34-year-old investor who's been all-in on stocks since taking Dave Ramsey's advice early in their career. Now, they're wondering how and when to start easing into a more balanced portfolio with bonds.

We'll talk strategy, psychology, and sprinkle in some data on market highs that might surprise you.

Resource:

Article by John Manganaro from ThinkAdvisor: Spending Drops in Retirement, but Satisfaction Doesn't: Blanchett

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Only 3% of Americans have saved $1 million for retirement. according to 24/7 Wall St. & AOL. I'll break down what that means—and why your personal number might be more important than any national average.

After that, I answer a listener question where we tackle how to cover healthcare costs in early retirement—specifically for a 58-year-old retiree with a non-working spouse and three adult kids under 26 still on the family plan. We'll explore ACA strategies, income planning, and a clever way to help the kids get their own coverage at a big discount.

Resource:

AOL article by David Beren: A Look at U.S. Workers Who've Accumulated $1M in Retirement Funds

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Most people focus on saving for retirement, but what happens when you actually get there? Retirement isn't just about having enough money—it's about managing risks that can threaten your financial security and lifestyle.

In this episode, we explore Five Key Retirement Challenges (and Solutions), inspired by a Kiplinger's Personal Finance article by Walt West. From unexpected market downturns to rising healthcare costs, these challenges can catch retirees off guard if they're not prepared.

We break down each challenge—financial instability, healthcare expenses, taxes, inflation, and estate planning oversights—and discuss practical strategies to navigate them. Learn how to structure a flexible withdrawal plan, prepare for long-term care costs, use tax-efficient strategies like Roth conversions, and ensure your estate plan protects your loved ones.

Plus, we tackle a listener question about using a MIGA ladder strategy to bridge the gap until Social Security—offering insights into the pros and cons of annuities in a retirement portfolio.

If you want to retire with confidence and avoid costly missteps, this episode is a must-listen. Whether you're years away from retirement or already in it, understanding these key challenges and their solutions can help you make smarter financial decisions for the road ahead.

• The Retirement Podcast Network
• Kiplinger's Personal Finance "Five Key Retirement Challenges" by Walt West
• Fidelity's Healthcare in Retirement Report

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Many retirees enter their golden years with the goal of financial security, but what if the biggest risk isn't running out of money—it's not spending enough of it? A surprising new study reveals that retirees are withdrawing just 2% a year from their savings—barely half of what's traditionally considered safe.

This cautious approach might seem responsible, but it often leads to unnecessary frugality, missed experiences, and larger-than-expected tax burdens later in life. The hesitation to tap into personal savings, even when there's plenty available, raises an important question: What's stopping retirees from spending with confidence?

Research shows that retirees feel much more comfortable spending guaranteed income from sources like Social Security and pensions while being reluctant to withdraw from their own investments. This behavioral tendency can leave money unspent for decades, only to be forced out later through required minimum distributions (RMDs) that create tax inefficiencies. Meanwhile, large inheritances often arrive too late to make a meaningful impact on the next generation.

Rethinking the 2% mindset means understanding what keeps retirees locked into ultra-conservative spending habits and finding ways to turn savings into income that feels reliable. A simple shift—such as automating monthly withdrawals or adjusting expectations around financial security—can open the door to a more fulfilling retirement. The money was saved to be spent, and spending it well can be just as important as saving it wisely.

Spending too little can be just as costly as spending too much. With the right approach, retirees can enjoy their wealth now while keeping future financial security intact.

• The Retirement Podcast Network
• David Blanchett – Head of Retirement Research at PGIM DC Solutions
• Michael Finke – The American College of Financial Services
• Die With Zero by Bill Perkins – Book on intentional retirement spending

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Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

Click here to work with us!

Are you spending too little in retirement, worried you might outlive your savings? Many retirees struggle to strike the right balance, often holding back on enjoying the wealth they've worked a lifetime to build. I'll show you how to overcome those fears and spend with confidence while still planning for the future.

What about real estate? Whether you're thinking about renting instead of owning, leveraging home equity for long-term care, or even investing in rental properties, the right approach can make all the difference. I'll share practical insights to help you figure out what works best for your lifestyle and financial independence.

Retirement is your chance to live on your terms, free of unnecessary stress and worry. By understanding the psychology of spending and making thoughtful decisions about your biggest assets, you can enjoy the freedom and security you've earned. Let's get started.

• [0:00] The Start of 2025
• [1:50] Spending Struggles in Retirement
• [4:40] Connecting with Your Future Self
• [6:12] Underspending Biases and Longevity Risk
• [12:01] Real Estate in Retirement
• [14:10] Renting vs. Owning
• [16:10] Home Equity for Long-Term Care

• The Retirement Podcast Network
• Morningstar Article: Tips to spend less or more in retirement by Samantha Lamas.
• Benjamin Brandt's Book: Retirement Starts Today.
• Capital City Wealth Management: Benjamin Brandt's financial planning firm.

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Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

Major charitable-giving changes are set to take effect next year under the One Big Beautiful Bill Act. As a result, 2025 may be the best—and possibly last—great year to make a big charitable gift and get the full tax benefit in the same year.

Listen in to hear the changes that take place in 2026 that could make 2025 the best year to use donor advised funds.

In our listener question segment, Christie inquires about buying a home in retirement: "Should we withdraw from investments, or use a mortgage?"

Resource:

Article by Ben Mattlin in Financial Advisor Magazine: "Why Some Advisors Are Daffy For Donor-Advised Funds"

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A new report says retirees who use a so-called "bridge strategy" can actually spend more and need fewer assets to retire securely.

That's right. By delaying Social Security and using other savings to "bridge the gap," you could improve your lifetime income, reduce longevity risk, and build more peace of mind into your plan.

We will break down the research and find ways to make Social Security work harder for you.

After that, I'll answer a listener question: What's the difference between a 5 year MYGA and a 5 year SPIA?

Resource:

Article by John Manganaro on ThinkAdvisor: This Social Security Strategy Gives Retirees More to Spend

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If something promises higher returns, it comes with higher risk — even if that risk isn't easy to see. And if something promises to protect your downside, it's usually charging you for it through fees, limited upside, or long-term lockups.

Today's headline from Ben Henry-Moreland fits that idea perfectly. "Why 'Downside Protection' ETFs Don't Protect Portfolios As Well As A Stock-Bond Mix (In The Long Term)".

After that, I'll answer a listener question about taxes & avoiding underpayment penalties from a surprise inheritance. Should they make an extra quarterly payment to the IRS to avoid penalties, or is there a smarter way to handle it? I'll explain how the safe-harbor rules work, and why a simple IRA-withholding trick can sometimes do the same job even better.

Resource:

Article by Ben Henry-Moreland on Kitces.com: Why "Downside Protection" ETFs Don't Protect Portfolios As Well As A Stock-Bond Mix (In The Long Term)

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Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

A few episodes ago, we covered Derek Tharp's research suggesting that not everyone should delay until 70 — especially those with shorter life expectancies or limited assets.

This week's headline brings the opposite perspective: Michael Finke argues that for higher-income retirees who expect to live longer, claiming early is almost always a mistake — and that fear-based decisions about Social Security's solvency can cost retirees hundreds of thousands in lifetime income.

Plus, a listener asks about giving with warm hands vs cold hands - which is a euphemism for giving during life vs giving after death. How much can they give without fear of running out of money?

Resource:

• Michael Finke article on ThinkAdvisor: Why Advisors Should Never Recommend Social Security Claiming at 62

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Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement