In this episode of FIN LYT by EWA, Matt Blocki and Jamison Smith break down into the paradox of saving versus spending in retirement. They discuss the challenges faced by highly successful clients who have accumulated significant wealth through hard work and sacrifice. Transitioning from the habit of saving to spending can be a significant identity shift, leading to stress and even paralysis for many retirees.
Jamison and Matt highlight three primary goals for retirees: staying financially secure, maximizing retirement income, and leaving a legacy. They emphasize the importance of balancing these goals and provide practical advice on achieving this balance through a diversified portfolio, planning for various market conditions, and ensuring a sustainable withdrawal rate. They also speak of aligning a financial plan with personal values and goals which can help clients shift their mindset to enjoy their savings.
Jamison and Matt stress the importance of having a purpose and staying engaged in fulfilling activities. These can include investing in health, saving time through delegation, creating meaningful experiences, and finding way to give back
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