How to Retire with Christine Benz
12/04/24 • 62 min
2 Listeners
Join us for a special episode as we welcome Christine Benz to discuss her new book, "How to Retire." In a captivating conversation at the Rock Retirement Club, we dive into topics like long-term care, the 4% rule, investing strategies, and simplification. Featuring insights from Fritz Gilbert, a member of the club and contributor to Christine's book, this episode offers a holistic view of retirement planning. Discover how to balance financial and non-financial aspects for a fulfilling retirement journey.
INTERVIEW WITH CHRISTINE BENZ
(01:26) Rock Retirement Club welcomes Christine Benz to chat about her new book, How to Retire
(02:40) Roger asks about the goal for the readers of this book.
(04:00) Christine: The goal was to cover retirement in a really holistic way and include as much non-financial as financial information on retirement planning.
(05:09) Roger: I was surprised that you did the book in the interview style, I think it helped make the book more approachable.
(07:24) Roger: Did you have any big insights that were unexpected?
(10:18) Fritz: I give Christine serious kudos for the approach she took and the amount of homework she did.
(11:47) Christine to Fritz: I love your methodical approach to dealing with the years leading up to retirement
(13:19) Marla asks Christine if she would change anything if she was writing this book today to accommodate the 2024 election results and also asks about managing portfolios on Morningstar.
(17:28) Roger: When it comes to portfolio construction, it's easy to overcomplicate things
(20:30) Larry asks Christine what challenges her or confounds her most about her own retirement planning.
(22:53) Larry asks “Are you concerned that we may not find people to provide long term care?”
(30:11) Kevin Lyles asks about asset allocation when you retire
(30:47) Christine: My chapter on asset allocation addresses the bucket approach, which I do find very customizable.
(36:56) Laura asks: When you talk about high quality bond portfolios, do bond funds work?
(41:06) One question I have when we're talking about indexes is about broad diversification.
(43:42) Roger: Now someone had a comment related to some of the research on small cap value. Do you have any view on that research on having a more diversified small cap value tilt?
(47:19) Eric asks “what is the argument for using tips for retirees?”
(50:24) Roger asks Fritz if he has been simplifying his portfolio or working more on optimization since retiring in 2018.
(52:50) Roger: The optimization part sometimes dominates the conversation.
(53:38) Roger asks Christine: Have you found, even in your own life, a balance between making sure you don’t get too complicated in investments?
(56:45) Biranna asks after 20 interviews, what question now rests in your mind?
(57:40) Christine: I've been thinking more about whether the concept of retirement is flawed
(58:59) We're going to share a link with members offering a discount to Morningstar.
(59:55) Next week on the show, we're going to chat about with Michael Easter about Gear vs Stuff
BONUS
(01:00:30) Roger reads an excerpt from his grandfather's WWII journal
REFERENCES
The Retirement Manifest- Fritz Gilbert
BOOKS
How to Retire: 20 lessons for a happy, successful, and wealthy retirement- Christine Benz
Join us for a special episode as we welcome Christine Benz to discuss her new book, "How to Retire." In a captivating conversation at the Rock Retirement Club, we dive into topics like long-term care, the 4% rule, investing strategies, and simplification. Featuring insights from Fritz Gilbert, a member of the club and contributor to Christine's book, this episode offers a holistic view of retirement planning. Discover how to balance financial and non-financial aspects for a fulfilling retirement journey.
INTERVIEW WITH CHRISTINE BENZ
(01:26) Rock Retirement Club welcomes Christine Benz to chat about her new book, How to Retire
(02:40) Roger asks about the goal for the readers of this book.
(04:00) Christine: The goal was to cover retirement in a really holistic way and include as much non-financial as financial information on retirement planning.
(05:09) Roger: I was surprised that you did the book in the interview style, I think it helped make the book more approachable.
(07:24) Roger: Did you have any big insights that were unexpected?
(10:18) Fritz: I give Christine serious kudos for the approach she took and the amount of homework she did.
(11:47) Christine to Fritz: I love your methodical approach to dealing with the years leading up to retirement
(13:19) Marla asks Christine if she would change anything if she was writing this book today to accommodate the 2024 election results and also asks about managing portfolios on Morningstar.
(17:28) Roger: When it comes to portfolio construction, it's easy to overcomplicate things
(20:30) Larry asks Christine what challenges her or confounds her most about her own retirement planning.
(22:53) Larry asks “Are you concerned that we may not find people to provide long term care?”
(30:11) Kevin Lyles asks about asset allocation when you retire
(30:47) Christine: My chapter on asset allocation addresses the bucket approach, which I do find very customizable.
(36:56) Laura asks: When you talk about high quality bond portfolios, do bond funds work?
(41:06) One question I have when we're talking about indexes is about broad diversification.
(43:42) Roger: Now someone had a comment related to some of the research on small cap value. Do you have any view on that research on having a more diversified small cap value tilt?
(47:19) Eric asks “what is the argument for using tips for retirees?”
(50:24) Roger asks Fritz if he has been simplifying his portfolio or working more on optimization since retiring in 2018.
(52:50) Roger: The optimization part sometimes dominates the conversation.
(53:38) Roger asks Christine: Have you found, even in your own life, a balance between making sure you don’t get too complicated in investments?
(56:45) Biranna asks after 20 interviews, what question now rests in your mind?
(57:40) Christine: I've been thinking more about whether the concept of retirement is flawed
(58:59) We're going to share a link with members offering a discount to Morningstar.
(59:55) Next week on the show, we're going to chat about with Michael Easter about Gear vs Stuff
BONUS
(01:00:30) Roger reads an excerpt from his grandfather's WWII journal
REFERENCES
The Retirement Manifest- Fritz Gilbert
BOOKS
How to Retire: 20 lessons for a happy, successful, and wealthy retirement- Christine Benz
Previous Episode
Year-End Planning: Charitable and Family Giving
Welcome to another episode dedicated to enhancing your retirement journey! Today, we wrap up our series on year-end action items with a focus on charitable and family giving. Discover how strategic charitable contributions can optimize your tax plan and learn about family giving opportunities that can make a difference. We also address your questions and share essential updates, including a correction on HSA contribution limits and an exciting upcoming live case study. Plus, get ready for a December packed with insightful guests like Christine Benz and Michael Easter. Dive in and explore ways to rock your retirement with confidence!
PRACTICAL PLANNING SEGMENT
(00:30) Today we are going to talk about charitable and family giving.
(00:53) I misquoted the HSA contribution limits in episode 565
(02:40) In January we are doing another Retirement Plan Live series.
03:50 In December we will have several great guests on the podcast including Christine Benz, Daniel Crosby, Michael Easter, and Tanya Nichols.
(04:21) Today we're going to talk about charitable and family giving
(05:30) There's no real impact from a tax perspective on charitable giving unless you itemize your tax return.
(07:41)What are ways of giving to a charitable organization?
(12:00) You can batch your charitable contributions into one year in order to have a significant impact on the tax you pay in reduction.
(14:42) Let’s talk about family giving. You can give up to $18,000 a year in family giving.
(16:44) You can pay family educational expenses and medical expenses without limit as long as you are paying directly to the institution.
LISTENER QUESTIONS
(18:00) I had a discussion with a member of the Rock Retirement Club yesterday about moving to a warmer state in retirement and helped analyze the feasibility of their plan in the different states.
(25:14) One question related to the upside portfolio, do I have to build a whole asset allocation?
(28:45) Our next question is an audio question related to rebalancing. “Hi, Roger. I have a question about the process of rebalancing your pie cake... what process should I use to refill layer two of my pie cake to continually fund the next five years of my life?”
SMART SPRINT
(37:55) In the next seven days review your charitable and family giving.
BONUS
(38:15) Roger shares another excerpt from his grandfather's WWII journal.
REFERENCES
Simon Sinek- Originator of Humble Pie Quote
https://simonsinek.com/
Red Cross
https://www.redcross.org/
Schwab Donor-Advised Fund
https://www.schwabcharitable.org/
Fidelity Donor-Advised Fund
https://www.fidelitycharitable.org/
Upcoming Podcast Guests:
Christine Benz
https://www.morningstar.com/people/christine-benz
Michael Easter
https://eastermichael.com/
Daniel Crosby
https://orion.com/thought-leader/daniel-crosby
Tanya Nichols
https://www.align.financial/tanya-nichols/
Retirement Podcast Network
https://retirementpodcastnetwork.com/
Six Shot Saturday
https://rogerwhitney.com/six-shot-saturday
Show notes created by https://headliner.app
Next Episode
Gear vs. Stuff with Michael Easter
In this episode, Roger discusses the impact of our relationship with "stuff" on our retirement journey. With the holiday season upon us, we're all about giving and receiving, but how does this accumulation affect us long-term? Michael Easter, author of The Comfort Crisis and Scarcity Brain, joins the conversation and shares insights on distinguishing between gear and stuff. Michael shares insights on the psychological and societal influences driving consumption and offers practical tips for making more mindful purchasing decisions. We also address listener questions on topics like the tax implications of campaign promises and master limited partnerships. Tune in for a thought-provoking discussion that might just change the way you view your possessions and retirement planning.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
- [01:00] Our relationship with stuff can have second and third order consequences in retirement
- [01:50] How watching the Buy Now documentary inspired Roger to think about possessions
- [03:10] The impact of clutter on retirement
GEAR VS. STUFF CHAT WITH MICHAEL EASTER
- [05:40] How the amount of items in the average home has changed over time and why
- [07:36] Michael Easter defines gear and stuff
- [09:39] Humans evolved to get as much information as possible
- [12:00] Managing gear vs. stuff in holiday shopping
- [12:45] How ecommerce platforms have taken features from casinos to help speed purchases
- [14:25] Strategies to reduce needless purchases
- [19:50] Roger’s plan for gifts this year
LISTENER QUESTIONS
- [23:45] David’s comment on verse and versus
- [24:55] Mary on how to ask better questions
- [26:26] Armand asks why we aren’t discussing potential elimination of income tax on Social Security
- [30:41] Todd has a question about master limited partnership stocks
SMART SPRINT
- [38:00] Be aware of your purchases this holiday season - are you buying gear or stuff?
Resources Mentioned In This Episode
Books: The Comfort Crisis and Scarcity Brain by Michael Easter
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