What is True Retirement Planning? With Christine Benz

Retirement Answer Man

Roger Whitney, CFP®, CIMA®, RMA, CPWA®

Lifeplanning, Retirementplanning, Financialplanning, Saving, Careerplanning, Self-improvement, Education, Retirementpodcast, Investing, Business, Investmentmanagement, Retirement

4.7 • 1.1K Ratings

🗓️ 13 March 2024

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

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

Transcript

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0:00.0	The show is a proud member of the Retirement Podcast Network.
0:03.4	The biggest thing that's happened over the last 10 years of doing this
0:08.0	podcast is I've gotten outside my industry bubble and it's a bubble to have conversations with people like you, real people
0:16.0	on the journey towards rocking retirement and that's made all the difference.
0:26.0	Welcome to the retirement Answer Man Show, Roger Whitney, yeah. This is the show dedicated to helping you not just survive retirement, but have the confidence
0:31.0	because you're doing the work to lean in and rock retirement.
0:37.4	It's very clear that the financial services and financial planning industry is in a bubble.
0:43.9	It is designed to focus on helping you accumulate assets.
0:50.0	That's been the number one goal for the last 20, 30 years because you've likely been in that stage.
0:56.4	You mean you a baby boomer or close to it.
0:59.2	It's been about accumulating assets, which means that it's focused on not having a purpose for every dollar
1:04.8	but saving the dollar and investing the dollar as wisely as you can with the idea
1:10.1	of building wealth for some yet unknown purpose.
1:15.0	One of the biggest insights I've had in having real conversations with you over the last 10 years
1:21.0	in receiving thousands of emails and interacting is that traditional
1:27.1	financial planning doesn't quite get retirement planning. They can go a mile deep on investment strategy and allocations,
1:36.5	but unless you're dealing with a true retirement planner, which is different than a financial
1:40.4	planner, a lot of the advice received seems to be very surface level.
1:46.4	You start to go deeper and it gets a lot lower resolution.
1:50.2	Now this is not the case for everybody obviously.
1:52.3	There are amazing retirement
1:53.8	planners out there but just from the thousands of emails I've received from you and the
	...

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