Retirement Starts Today

You've heard it said a hundred times: Spend the money, make the memories, don't die with regret. However, for certain kinds of retirees, dying as the richest person in the graveyard isn't a tragedy at all. The comfort of simply having the money can be worth more than anything you'd ever buy with it. Today, we begin with an article, The Many Utilities of Retirement, which talks about RPIG (the Richest Person In the Graveyard) versus FORO (the Fear of Running Out of money). It's an interesting look at the juxtaposition. After that, a question - listener that calls himself the millionaire next door — he'll never spend what he's saved, it's all headed to the kids and grandkids, and yet he still mows his own lawn and changes his own oil. He wants to loosen up and spend a little more… but he also kind of loves the life he's already got. So what do you tell a guy like that? I'll give you my take. And we wrap up the show with our Retire To Something segment. Resource: Article by William Bernstein and Edward McQuarrie: The Many Utilities of Retirement Connect with Benjamin Brandt: Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart

Imagine a lifetime spent diligently saving your acorns, only to face a mental roadblock when it's time to enjoy them. Dana Anspach, CFP®, RMA®, and author of "Living Off Your Acorns," shares how this common challenge impacts retirees and introduces the critical "pre-go" phase. This episode offers a fresh perspective on retirement planning, emphasizing conscious consumption of retirement funds. Key Takeaways: Identify and plan for the crucial "pre-go" phase of retirement, which involves significant financial and identity shifts Overcome the "super saver" mentality to give yourself permission to enjoy retirement spending and experiences Understand that retirement is not a single phase but multiple stages, each with unique challenges and opportunities Recognize the emotional and psychological hurdles of transitioning from saving to spending retirement funds Explore how to find purpose and joy beyond work through hobbies, travel, and charitable giving Resources Mentioned: Dana's new book: "Living Off Your Acorns: Your Guide To The Four Phases of Retirement" "Control Your Retirement Destiny" by Dana Anspach "Die with Zero" by Bill Perkins "The Prosperous Retirement: A Guide to the New Reality" by Michael Stein Your 12 Good Years article by Dan Hewlett Connect With Dana Anspach: Website: https://www.sensiblemoney.com YouTube: https://www.youtube.com/@makingretirementmakesense Connect with Benjamin Brandt: Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Get Benjamin's book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart

According to Capital One Shopping - 89% of shoppers have made some kind of impulse buy. More than half have spent more than $100 on a whim, and the average shopper made impulse buys adding up to $282 a month. A classic rule is to wait 24 hours to help curb impulse buys, but on today's show, I'm going to flip that rule on its head and explain why my listeners might actually need the opposite advice. After that, I'll answer a listener question about switching from saving for decades to a spending mindset? You'll learn about my "half for me, half for you" framework. And to wrap up the show, I'll share what our happiest retired listeners are up to in our newest listener-sourced segment "Retire to Something". Resource: Article by Marc Buerti at Money.com: The "24-Hour Rule" That Keeps Retirees From Blowing Their Savings on Impulse Buys Connect with Benjamin Brandt: Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart

There is roughly a ten-year window centered around your retirement date, five to ten years before, and five to ten years after called "The Retirement Risk Zone". This is when you're most vulnerable to sequence-of-returns impacting the longevity of your withdrawal strategy. We cover this idea brought up by Wade Pfau in an episode of "The Long View", a show hosted by Christine Benz, Amy C. Arnott, and Ben Johnson - specifically: The Retirement Risk Zone The Rising Equity Glide Path The Social Security Delay Bridge After that, I answer a listener question: Frank is planning to delay Social Security and wants to know — does it make sense to take bigger withdrawals from the portfolio in your 60s and then scale back in your 70s once Social Security kicks in? Short answer: yes — but how you do it matters a lot. We'll walk through it. Finally, in our "Retire to Something" segment: After 50 years in the workforce, a former Senior of VP in Manufacturing inspires us with ideas he is doing in his retirement. Resources: Episode of The Long View from Morningstar, featuring Wade Pfau: What Is the 'Retirement Risk Zone?' The Retirement Starts Today Blueprint Connect with Benjamin Brandt: Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart

Your beneficiary designations are probably outdated. Not because you made bad decisions, but because you made them once and never looked again. We're going to walk through five areas where these forms commonly go wrong, and what you can do about it. For our Listener Questions segment: "What's the best way to position any assets I have for when my wife and I pass — to most easily and efficiently pass on to our kids?" And this week's "Retire to Something" listener talks about her definition of retirement, which might be the simplest and best one yet. Resource: Article by Daniel P. Michaelse on WealthManagement.com: "Five Beneficiary Designations to Review Now " Connect with Benjamin Brandt: Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart

What if you paid all your taxes - and still got hit with a penalty from the IRS? Our retirement headline this week comes from Laura Saunders in the Wall Street Journal. Estimated tax penalties are skyrocketing, and retirees and investors are some of the most likely to get caught in the trap. We will cover that, then hop into our Listen Question: "What happens when you lose faith in fixed income as the foundation for your retirement plan?" Then stick around to hear what our happiest retired listeners are up to in our newest listener-sourced segment "Retire to Something" Resource: Article by Laura Saunders in the Wall Street Journal: Estimated Taxes Are a Pain. Here's How to Avoid Costly Penalties. Connect with Benjamin Brandt: Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart

You might have received a Social Security cost-of-living increase this year — but did your net check actually go up? A recent Wall Street Journal article highlights how rising Medicare premiums and IRMAA surcharges are offsetting those increases for millions of retirees - and "takes a bigger bite out of Social Security checks". Then, a listener writes in "How to convince my husband's parents to spend their money. We don't need it." Tune in to hear that one! And we wrap it up with our "Retire to Something" segment from Dave in Massachusetts. Resource: Wall Street Journal article by Laura Sanders: The Medicare Charge That's Taking a Bigger Bite Out of Social Security Checks Connect with Benjamin Brandt: Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart

Retirees obsess over the exact safe withdrawal rate they think they'll need while simultaneously building layer after layer of backup plans. Dividends, buckets, multiple years of cash, constant Monte Carlo recalculations are all done in the name of safety. Jordan Grumet's argument to this problem is simple and provocative: If you believe in the safe withdrawal rate, then act like it. Stop stacking contingencies on top of contingencies and chasing 100% certainty in a world where it doesn't exist. We go over Jordan's article "Stop Chickening Out" in our headline segment. Then we answer Robert's question: "What if you just use the Traditional IRA for living expenses instead? If both approaches reduce the IRA balance and lower future RMDs, is Roth conversion strategy overhyped?" And we wrap up the show with a story from one of our happiest retired listeners in our newest listener-sourced segment "Retire to Something". Resources: Article: "Stop Chickening Out" by Jordan Grumet Jordan Grumet interview on our show: https://retirementstartstodayradio.com/purpose-vs-purpose-an-interview-with-doc-g-ep-382 Connect with Benjamin Brandt: Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart

What does research say about retirement withdrawal strategies that are specifically designed to leave more money behind? We'll walk through what the research says works best, the trade-offs involved, and why the "right" strategy depends on what you're really trying to optimize in retirement. Quote: "Smaller gifts sooner can be more impactful than larger gifts later." - Benjamin Brandt We've also got a great listener question from Tom about the three big company retirement plans — 401(k)s, 403(b)s, and 457s. On the surface they all look the same, but the rules under the hood are very different, and those differences can have a huge impact on taxes, flexibility, and when you can actually use your money. We'll break down what "qualified" really means, which accounts may be easier to tap earlier, and how to think about simplifying all of this as you head into retirement. And we wrap up the episode with what our happiest retired listeners are up to in our "Retire to Something" segment. Article: The Best Retirement Strategies for Leaving Money Behind by Amy C. Arnott, CFA in Morningstar Connect with Benjamin Brandt: Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart

Andrew Rosen, CFP®, CEP, writes in a Kiplinger article how to walk through several common reasons people keep working — even as retirement comes into view. Rather than looking at money first, the author looks at motivation and breaks it into five broad categories: Category 1: I must keep working Category 2: I probably should keep working Category 3: I want to keep working Category 4: I'm afraid to retire Category 5: I don't know why I'm still working The author suggests borrowing from a concept by Artiste called "First Principles Thinking". Listen in for the answer. Also, our listener Maria asks about the timing of your first RMD (Required Minimum Distribution): "If we want to skip our 1st RMD and take two the following year, how does that work?" Resource: Article by Andrew Rosen, CFP® in Kiplinger's "Why Are You Still Working?" Connect with Benjamin Brandt Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

"Just 10% plan to wait until age 70" to claim Social Security in retirement — and it's not because of a knowledge problem. We discuss this from a new survey that suggests most Americans may be claiming Social Security earlier than is financially optimal because fear is driving the decision. They understand the math—but they're still claiming early. We also answer a listener 2-part question about where to park short-term cash in inflationary times and to actually buy Treasuries. And we wrap up the segment to bring you our newest segment from you, the audience: "Retire to Something". If you'd like to share your story about what you are retiring "to", simply look for the link in the new "This Week in Retirement Newsletter" and fill out the super-quick form. Connect with Benjamin Brandt Subscribe to the This Week in Retirement: http://thisweekinretirement.com Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

A special recording from Andy Panko for his Retirement Planning Education Podcast: We discuss how the financial industry is evolving, the common struggles of "super savers" in retirement, and the importance of aligning financial decisions with life goals, not just spreadsheets. We talk about the role of Monte Carlo simulations, the importance of flexibility in financial plans, and the evolving role of advisors in a changing world. It's a conversation that encourages you to find joy and flexibility in your retirement journey. Resources: Andy's podcast: Retirement Planning Education Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement

New research from David Blanchett, head of retirement research at PGIM, challenges one of the biggest assumptions in retirement planning: that happiness in retirement depends on maintaining a constant—or even increasing—level of spending. ⬇️ Upon entering retirement, households experience a median consumption decline of about 20%. This drop is often viewed as a red flag in traditional financial planning models. However, Blanchett argues that this decline is not necessarily problematic, especially when you look at how financial well-being changes over time. ☎️ Then on our listener question, we hear from a 34-year-old investor who's been all-in on stocks since taking Dave Ramsey's advice early in their career. Now, they're wondering how and when to start easing into a more balanced portfolio with bonds. We'll talk strategy, psychology, and sprinkle in some data on market highs that might surprise you. Resource: Article by John Manganaro from ThinkAdvisor: Spending Drops in Retirement, but Satisfaction Doesn't: Blanchett Connect with Benjamin Brandt Get the Retire-Ready Toolkit: http://retirementstartstodayradio.com Subscribe to the newsletter: https://retirementstartstodayradio.com/newsletter Work with Benjamin: https://retirementstartstoday.com/start Follow Retirement Starts Today in:Apple Podcasts, Spotify, Overcast, Pocket Casts, Amazon Music, or iHeart Get the book!Retirement Starts Today: Your Non-financial Guide to an Even Better Retirement