This show is a proud member of the Retirement Podcast Network.

Welcome to the Stay Welfy Podcast. I'm your host, Taylor Schulte, and today I'm talking about

spending money in retirement. Specifically, Brian Portnoy, one of the world's leading experts on

the psychology of money, joins us to discuss

three big things. Number one, why it's so hard for people to spend the money that they worked

so hard to save for in retirement. Number two, what people can do to prepare for the well-documented

retirement spending challenges that lie ahead. And finally,

number three, how to use Brian's four Cs to achieve true wealth. We also talk about the meaning

behind Brian's famous quote, diversification, always means having to say you're sorry, and how it can

help you make better investing decisions. To view the research and articles supporting today's episode,

just head over to you staywealthy.com forward slash 231.

So, Brian, according to research published by our mutual friend Michael Kitsis,

when using the 4% rule, retirees end life

with more than double their starting wealth in 66% of the scenarios that he ran. In addition,

he found that retirees using the 4% rule were more likely to end life with five times their starting

wealth than end life with an amount smaller

than what they started with. In other words, these popular withdrawal rules are very conservative

in nature, and yet we both know that successful retirees with very healthy retirement plans are

still challenged with spending money in retirement. So to kick off today's conversation,

I'd love for you to help

break this down for us. In your opinion, why do you think it's so hard for people to spend the

money that they work so hard to save for in retirement? It's such a good question, and those

...