REPLAY | The Surprisingly Hardest Part of Retirement
Big Picture Retirement®
Devin Carroll
4.7 • 545 Ratings
🗓️ 3 March 2025
⏱️ 36 minutes
🧾️ Download transcript
Summary
For countless retirees, the greatest challenge isn't saving money, but spending it. After years of diligent saving, the transition to drawing down those hard-earned funds can be fraught with anxiety and uncertainty. But what if there was a way to ease this tension? In this episode, we explore the often unexpected emotional hurdles of retirement spending and reveal the antidote: a well-defined plan. With the right roadmap, retirees can grant themselves permission to spend, savoring the fruits of their labor with the confidence that their financial future remains secure. Join us as we share real-life stories of this struggle and offer insights into crafting a plan that truly brings peace of mind
Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.
📍Contact Devin's team at https://carrolladvisory.co/podcast1
📍Contact John's team at https://www.rossandshoalmire.com/
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.6 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.5 | I'm your host, Devin, joined today by my co-host, John Ross. |
| 0:17.0 | Howdy. |
| 0:23.1 | John, imagine you're sitting on a beach with your wife, Lisa. You're retired. There's a |
| 0:28.1 | sailboat in the distance. That's what retirement is supposed to look like, right? |
| 0:32.5 | I like it. I'm down. Right. Yeah. Sounds wonderful. Maybe a cool beverage off in the cup holder of your chair. Sure. Oh, sounds fantastic, especially with the daily grind that you and I go through, just getting away and unplugging. Yeah, no, I'm down. That's what it's supposed to look like, but the reality is quite a bit more complex. People find out that when they actually retire, they're faced at least |
| 0:55.8 | initially with all this barrage of decisions. They've got all these things coming at them that |
| 1:01.3 | they've got to make decisions on. When do I take my pensions? When do I file for Social Security? |
| 1:05.2 | Should I look at Roth conversions? All of this stuff that starts to filter in and it can get to be overwhelming. Absolutely. And then |
| 1:13.9 | when they get through that and they're in that first year or two of retirement, then they're hit |
| 1:20.6 | with something else. And this is a surprisingly difficult thing about retirement. And it's |
| 1:26.7 | spending your money. Now, John, you and I have |
| 1:29.3 | conversations about money occasionally. In fact, before we hit record, we were talking about money. |
| 1:33.8 | And it's easy for us to start taking pride in the amount of money that we're accumulating. |
| 1:40.4 | Sure. Right. Through just being a disciplined investor, putting back a little bit every month. |
| 1:45.1 | And the clients that I serve are no different right most of them didn't come from a background of having a lot of |
| 1:50.9 | money right they didn't just inherit at all or something like that right they built it they were |
| 1:55.2 | just good savers they worked they were frugal in many cases they didn't spend a boatload of money because they had to pay the IRS and then they had to put back a lot in their retirement accounts. |
| 2:07.9 | And now they're at retirement. And for these last 10, 15 years at least, they've been looking at their account statements coming in from fidelity or wherever it is going, |
| 2:19.1 | wow, look, honey, at how much we have now. It just seems crazy that we have this much, |
... |
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