The Line and The Circle – Spending in Retirement
This episode discussed the need to reprogram financial mindsets, particularly as one transitions from earning a steady income to spending in retirement.
This episode discussed the need to reprogram financial mindsets, particularly as one transitions from earning a steady income to spending in retirement.
This week's blogpost - https://bahnsen.co/4ePs5nr
Reprogramming Financial Mindsets: From Earning to Spending
This episode of the 'Thoughts on Money' podcast features Blaine Carver, Sean Latimer, and Trevor discussing the need to reprogram financial mindsets, particularly as one transitions from earning a steady income to spending in retirement. The conversation highlights common misconceptions, such as the belief in maintaining lifelong spending habits, the influence of personal anecdotes related to sports, and the challenges faced in advising clients to spend more versus saving excessively. The hosts discuss creating robust financial plans that go beyond basic rules of thumb, managing retirement anxiety, and transitioning from savings to income production. They stress the importance of understanding the distinction between needs and surplus in financial planning, preparing for life's variability, and establishing a sustainable spending rhythm that ensures money outlasts one's lifetime. The episode concludes with practical solutions for converting investments into a reliable income stream during retirement.
00:00 Welcome to the Thoughts on Money Podcast
00:20 Reprogramming Your Mindset
00:40 Personal Stories and Analogies
06:25 Transitioning to Retirement
07:54 Financial Planning and Spending Strategies
23:04 The What-If Trap and Probabilities
26:27 Converting Assets to Income
29:23 Wrapping Up and Contact Information
Links mentioned in this episode:
Trevor is a Partner, Director of our Private Wealth Advisor Group, and Author of Thoughts on Money.
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