This episode is sponsored by PearsonRavitz– helping physicians safeguard their most valuable assets.
Retirement marks a significant shift from accumulation to spending. This transition can be daunting, especially in an unpredictable financial landscape. Christine Benz, Director of Personal Finance and Retirement Planning at Morningstar, provides invaluable insights on this subject, as discussed in this latest episode.
Christine covers the challenges retirees face in transitioning from saving to spending, exploring the conventional 4% withdrawal rate, as well as research suggests a flexible approach to retirement spending, accommodating various market conditions and personal circumstances. The discussion also addresses dynamic spending, the impact of asset allocation, and the role of treasury inflation-protected securities in retirement planning.
Christine advocates for lifetime giving as part of a fulfilling retirement strategy and stresses the importance of informed decision-making in managing retirement funds, including Social Security benefits.
Tune in to gain valuable insights and strategies for a financially secure and fulfilling retirement!
Christine Benz is director of personal finance and retirement planning for Morningstar and senior columnist for Morningstar.com. In that role, she focuses on retirement and portfolio planning for individual investors. She also co-hosts a podcast for Morningstar, The Long View, which features in-depth interviews with thought leaders in investing and personal finance. She is a frequent public speaker and is widely quoted in the media, including The New York Times, The Wall Street Journal, Barron’s, CNBC, and PBS. In 2020, Barron’s named her to its inaugural list of the 100 most influential women in finance; she appeared on the 2021 list as well. In 2021, Barron’s named her as one of the 10 most influential women in wealth management.
Benz is author of 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances (Wiley, 2010). She is also co-author of Morningstar® Guide to Mutual Funds: 5-Star Strategies for Success, a national bestseller published in 2003, and author of the book’s second edition, which was published in 2005. Before assuming her current role in 2008, she served as Morningstar's director of mutual fund analysis and was editor of Morningstar Mutual Funds and Morningstar FundInvestor.
Benz holds a bachelor’s degree in political science and Russian/East European studies from the University of Illinois at Urbana-Champaign. She is president of the board for the John C. Bogle Center for Financial Literacy. Benz is also a member of The Alpha Group, a group of thought leaders from the wealth management industry from across the country. In her free time, she works with underprivileged women to improve their understanding of personal finance concepts.
What is the Safe Retirement Spending Rate in 2023 and 6 Retirement Spending Strategies: Visit this link for a free download of Morningstar’s latest retirement spending report.
The Long View Podcast: Visit The Longview Podcast “to expand your investing horizons and look to the long term. Join hosts Christine Benz and Jeff Ptak as they talk to influential leaders in investing, advice, and personal finance about a wide-range of topics, such as asset allocation and balancing risk and return.”
Open Social Security Tool by Mike Piper: Access the tool at Open Social Security.
Looking for something specific? Here you go:
00:04:13 Morningstar provides transparency in finance.
00:08:22. Safe withdrawal rates vary based on market conditions.
00:10:36 Forward-looking research on safe withdrawal rates.
00:17:58 Importance of lifetime giving.
00:24:19. Delay Social Security for higher benefits.
00:27:10 Flexibility in retirement spending.
00:32:33 Plan for retirement spending.
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Please note: The content shared on the podcast is for informational purposes only and should not be considered individualized financial advice. It is essential to consult with professionals such as accountants, financial advisors, or attorneys to receive personalized guidance based on your specific needs.