December 13, 2024

Your Money Map Replay: Decumulation Demystified with Christine Benz and David Blanchett

38 minutes

Many of us spend decades saving for retirement. But what happens when it’s time to spend those hard-earned dollars…how do you make them last?

On the most recent episode of Your Money Map, our bi-weekly show with the Alliance for Lifetime Income, we talk about all things decumulation with the pros — Christine Benz, Director of Personal Finance and Retirement Planning for Morningstar, and David Blanchett, Research Fellow with the Alliance for Lifetime Income Institute.

If you like this episode and want more, check out all of our Your Money Map episodes at protectedincome.org/your-money-map/ or tune in live every other Wednesday at 12 PM ET on Facebook or LinkedIn.

CHAPTERS:

00:00 Retirement worries

05:00 Why spending down our money in retirement can be so stressful

16:00 Redefining retirement as financial independence

25:00 Spending for maximum happiness

TAKEAWAYS:

Start by identifying your essential expenses and aligning them with guaranteed income like Social Security or annuities to cover the basics.

Lifelong savers often struggle to spend their hard-earned money. To overcome this mindset, consider using strategies like “spending pots” for travel or hobbies, which allow you to enjoy your savings guilt-free.

Adding guaranteed income (like annuities) to your retirement plan can provide peace of mind and allow you to spend more freely, knowing your essential needs are covered.

Learn more about our Finance Fixx program here. Use code PODCAST for a $100 discount. Interested in learning more about investing alongside hundreds of other women? Join us every other Monday night on Zoom at investingfixx.com.

Have a question for us? Write to us at [email protected]. While you’re at it, join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe!

Use promo code HERMONEY at the link below to get an exclusive 60% off an annual plan at https://incogni.com/hermoney.

The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com.

Learn more about your ad choices. Visit megaphone.fm/adchoices

...more

View all episodes

By Jean Chatzky Her Money

4.7

13521,352 ratings