The Psychology of Investing & Retirement: Why Smart Investors Still Fear Spending Money

Money Matters by Allworth Financial

Allworth Financial

Business, Investing, Business:investing

4.7 • 839 Ratings

🗓️ 23 May 2026

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Why do so many successful investors struggle to actually enjoy the wealth they’ve built? In this Memorial Day weekend episode of Allworth’s Money Matters, Scott and Pat talk with UCLA professor and behavioral expert Hal Hershfield and explore the emotional side of money, retirement, and investing. From fear of running out of money to recency bias and loss aversion, this episode dives deep into the hidden psychological forces that shape financial decisions — even for millionaires. If you’ve ever wondered why investors panic during market drops, hesitate to spend in retirement, or obsess over past financial mistakes, this conversation about investing will completely change how you think about money. Scott, Pat, and Hal unpack why wealthy retirees often struggle to spend confidently, how emotions influence investing decisions, and why understanding investor psychology may be just as important as understanding the stock market itself. They also discuss longevity insurance, risk tolerance, mental accounting, and how advisors can help clients align money with purpose and happiness. Whether you're approaching retirement or simply want to become a smarter long-term investor, this episode offers powerful insights into the psychology behind successful investing and financial decision-making. What You’ll Learn: -Why many wealthy retirees are afraid to spend money -How loss aversion impacts investing decisions -The dangers of recency bias in the stock market -Why financial regrets stick with us longer than successes -How psychology shapes investing behavior -The emotional side of risk tolerance and market volatility -How “mental accounting” affects spending habits -Why longevity insurance hasn’t caught on with investors -How financial advisors help clients align money with life goals Join Money Matters: Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here. You can also be on the air by emailing Scott and Pat at questions@moneymatters.com. Download and rate our podcast here.

Transcript

Click on a timestamp to play from that location

0:00.0	Would you like an opinion on a financial matter you're dealing with?
0:08.9	Whether it's about retirement, investments, taxes, or 401Ks,
0:13.2	Scott Hansen and Pat McLean would like to help you by answering your call
0:16.6	to join Allworth's Money Matters.
0:19.0	Call now at 83399 Worth.
0:21.6	That's 83399 W-O-R-T-H.
0:26.3	Welcome to All-Worth's Money Matters, Scott Hanson.
0:28.7	Pat McLean.
0:29.5	Hey, this Memorial Day weekend, we've got a special show.
0:33.9	Yes.
0:35.6	Super special.
0:36.8	We did.
0:37.3	It's really special. No, we have a great interview with a, I shouldn't say he's a professor of anything because you might not think he's terribly interesting. But he's, we got a great guest coming. Yeah. So Hal Herschfeld. And so we're not taking any calls this show. It's just an interview with help.
0:54.7	But you'll enjoy it.
0:55.6	Also, let you guys know, we do want to take calls.
0:59.0	And we will come to the next show.
1:00.3	But we also have some time that Pat and I are just sitting in the studio for taking calls, doing nothing but taking calls.
1:07.2	So if you have a million or more in savings and you want to run something by us,
1:12.1	would love to, it could be regarding anything in your portfolio or your financial plan or
1:16.8	your state plan or whatnot. It's Monday, June 1st, between 1130 a.m. and 1.30 p.m. Pacific time.
1:24.8	Okay. 1130 to 1.30, June 1st, Pacific time. If you want to join us,
1:30.2	super easy, just send us an email at Questions at Money Matters.com or call 83399 worth.
	...

Transcript will be available on the free plan in 12 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Allworth Financial, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Allworth Financial and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.