What is True Retirement Planning? With Christine Benz

03/13/24 • 51 min

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Retirement planning has changed over the years, but has the industry evolved to keep up?

Your retirement needs are much different from those of your parents' generation. This is why it is important to focus on retirement planning in a holistic way rather than from solely a financial perspective.

Morningstar’s Christine Benz joins me today on this episode of Retirement Answer Man. This seasoned retirement journalist shares her thoughts on the state of retirement planning, long-term care, investing in retirement, and what encompasses true retirement planning.

Listen in to gain more perspective as you navigate your retirement journey. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH CHRISTINE BENZ

[4:55] The state of retirement planning as a process
[18:30] The state of investments for retirement planning
[22:16] The state of long-term care
[25:26] How to begin to plan for retirement decumulation

LISTENER QUESTIONS

[30:45] About opening a Roth for a child
[32:51] How to create a 5-year income floor with financial capital
[37:11] On using bonds to fund the 5-year income floor
[41:44] Should you keep investment accounts under the FDIC and SIPC limits?
[46:30] Should I have a Simple IRA and Solo 401K?

TODAY’S SMART SPRINT SEGMENT

[50:00] Understand what this year’s retirement contribution levels are

Resources Mentioned In This Episode
BOOK - More than Enough by Mike Piper
BOOK - Die with Zero by Bill Perkins
Morningstar Christine Benz
The Longview Podcast
Rock Retirement Club
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
Roger’s Retirement Learning Center

Retirement planning has changed over the years, but has the industry evolved to keep up?

Listen in to gain more perspective as you navigate your retirement journey. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH CHRISTINE BENZ

[4:55] The state of retirement planning as a process
[18:30] The state of investments for retirement planning
[22:16] The state of long-term care
[25:26] How to begin to plan for retirement decumulation

LISTENER QUESTIONS

[30:45] About opening a Roth for a child
[32:51] How to create a 5-year income floor with financial capital
[37:11] On using bonds to fund the 5-year income floor
[41:44] Should you keep investment accounts under the FDIC and SIPC limits?
[46:30] Should I have a Simple IRA and Solo 401K?

TODAY’S SMART SPRINT SEGMENT

[50:00] Understand what this year’s retirement contribution levels are

Previous Episode

How Systems Thinking Can Improve Your Retirement with Rick Nason

This month we celebrate the Retirement Answer Man’s 10th anniversary milestone with several guests throughout the month.

Today we welcome Professor Rick Nason, author of It’s Not Complicated, to discuss complicated vs complex thinking. If that discussion didn’t Stick around for the listener questions with Tanya Nichols and Bring It On with Dr. Bobby Dubois OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN COMPLICATED VS COMPLEX THINKING WITH PROFESSOR RICK NASON

[4:20] Defining simple, complicated, and complex
[9:11] Why it is important to identify whether you’re dealing with complicated vs complex
[18:10] How to approach complex problems
[29:30] How AI plays into the discussion of complex vs complicated thinking

LISTENER QUESTIONS

[38:50] On portfolio performance calculations
[46:18] How to decide whether to stay with an advisor or move to another firm?
[51:38] How to take your RMD
[57:02] On the Dying with Zero book
[57:31] On Don Quixote

BOOKS I READ THIS MONTH

[58:56] The books I read this month

BRING IT ON WITH DR. BOBBY DUBOIS

[1:04:02] Exploring uncertainty
[1:09:53] Uncertainty in retirement
[1:22:14] How to test anxiety treatments

TODAY’S SMART SPRINT SEGMENT

[1:25:27] Please fill out our listener survey

Resources Mentioned In This Episode
Align Financial
The Fog of War
Trillion Dollar Bet
BOOK - Horse by Geraldine Brooks
BOOK - Lessons in Chemistry by Bonnie Garmus
BOOK - Life of Pi by Yann Martel
BOOK - Die with Zero by Bill Perkins
BOOK - When Genius Failed by Roger Lowenstein
BOOK - It’s Not Complicated by Rick Nason
BOOK -

Next Episode

Overcoming Frugality in Retirement with Dan Crosby

For the past ten years, we have been exploring how to do retirement right so that you can get down to the business of living a great life.

This is why this month we have had a series of special guests. Today’s guest is behavioral investment expert and author Dan Crosby. Together we explore why it is so hard to overcome your money mindset and how you can learn to let go to enjoy the money you have worked so long and hard to save. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN PRACTICAL PLANNING SEGMENT WITH DAN CROSBY

[3:38] Overcoming frugality
[10:56] How to gain confidence in the midst of uncertainty
[19:19] What are things you can do to overcome your frugality

LISTENER QUESTIONS