#530 - What is True Retirement Planning? With Christine Benz

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.

The difference between financial planning and retirement planning

Traditional financial planning is more accumulation focused which can pose a problem when retirement comes and it’s time to decumulate your assets. While a traditional financial planner can give you surface-level advice, a retirement planning specialist will be better equipped to help you develop a holistic retirement plan. 

What are your aha moments from your retirement planning on your journey? Reach out and let me know at AskRoger.me.

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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

PodcastsRoger WhitneyChristine Benz, retirement planning, long-term care, investing, Roth, income floor