At The Money: The Right Way to Spend Your Money in Retirement

In this episode of "At The Money," Barry Ritholtz interviews Christine Benz, Director of Personal Finance and Retirement Planning at Morningstar, about the psychological challenges people face when transitioning from saving to spending in retirement. They discuss the common hesitancy to spend accumulated wealth, the importance of personalized financial planning, and strategies for comfortable spending, including flexible withdrawal rates and considering legacy goals like lifetime giving to family members. Benz emphasizes the value of getting granular with budgeting, planning for significant expenses, and understanding the tax benefits of charitable donations through mechanisms like Donor Advised Funds. The conversation also covers the uncertainties of market performance and inflation, the need for regular portfolio reviews, and the importance of enjoying one's wealth while still alive to witness the positive impact of their generosity.