How to Retire: Transition from Saving to Spending

Michelle Singletary discusses transition strategies like delaying social security and annuitizing. Christine Benz, Morningstar’s director of personal finance and retirement planning, interviews financial experts about different aspects of retirement in ‘How to Retire,’ the companion podcast to her book of the same name. In this episode, Christine sits down with Washington Post personal finance columnist and author Michelle Singletary. They talk about the difficult psychological transition from saving to spending in retirement. 01:00 Transitioning from Saving to Spending in Retirement 02:42 How to Plan for Retirement When Your Spouse Doesn’t Retire at the Same Time 05:28 Are Annuities Helpful for In-Retirement Cash Needs? 09:26 Delaying Social Security in Retirement 14:00 How Couples Can Approach Different Money Mindsets in Retirement 18:38 Key Takeaways Hi, I'm Christine Benz from Morningstar and welcome to the How to Retire podcast. It's a companion to my book, which is also called How to Retire. Each episode will provide a bite-sized lesson about how to do some aspect of retirement well. One of my favorite personal finance journalists is author and Washington Post columnist, Michelle Singletary. Happy to say that I've gotten to know Michelle a bit through our regular conversations. In her work and presentations, she frequently discusses her thriftiness. So, I wanted to discuss with Michelle an issue that I've observed through talking to a lot of retirees, that if they've been good savers like Michelle, it's difficult to flip the switch into spending. I asked her to discuss that transition in her own household. What are the secrets to a healthy, happy, and wealthy retirement? Find out with Christine Benz’s new book, “How to Retire.” https://linktr.ee/christine_benz More from Michelle Singletary Bio https://www.linkedin.com/in/singletarym The Color of Money https://www.washingtonpost.com/people/michelle-singletary/ Spend Well, Live Rich https://wfsites.websitecreatorprotool.com/michellesingletary/home.html What To Do With Your Money When Crisis Hits: A Survival Guide, by Michelle Singletary https://wfsites.websitecreatorprotool.com/michellesingletary/michelle-s-books-and-color-of-money-book-club.html Michelle Singletary on The Long View: 'You Need Diversity' https://www.morningstar.com/podcasts/the-long-view/f8b0d26c-3493-4346-81be-db284587336b Read more from Christine Benz. How to Retire: Tips for Entering Retirement https://www.morningstar.com/retirement/how-retire-tips-entering-retirement 3 Tricky Decisions for Every Retirement Plan https://www.morningstar.com/personal-finance/3-tricky-decisions-every-retirement-plan We Need to Talk About Your Retirement ‘Spending’ https://www.morningstar.com/retirement/we-need-talk-about-your-retirement-spending Social Security Planning Tips for Married Couples https://www.morningstar.com/retirement/social-security-planning-married-couples-2 How to Determine Your Expected Retirement Date https://www.morningstar.com/retirement/how-determine-your-expected-retirement-date Read about topics from this episode. The Psychology of Retirement Income: From Saving to Spending https://www.morningstar.com/personal-finance/psychology-retirement-saving-retirement-income How Retirees Can Avoid the ‘Tax Torpedo’ https://www.morningstar.com/personal-finance/how-retirees-can-avoid-tax-torpedo Watch more from How to Retire. How to Retire: Consider a Retirement Bucket Portfolio Strategy https://youtu.be/qBcLCZ634U4?si=SjrHb2BhekC8L4ML How to Retire: Know What ‘Enough’ Means in Retirement https://youtu.be/VmJbOjJkVSE?si=JO0Z0ooaYKo0ghte How to Retire: Understand the Role of Working Longer https://youtu.be/VFi00yWDM2E?si=w0ZcSNDTFVf-xcaa How to Retire: Stay Flexible with Your Retirement Spending https://youtu.be/LmpwwKZb1Q4?si=iF1dv_73NCrIaKeD Read what our team is writing: Christine Benz https://www.morningstar.com/people/christine-benz Follow Christine Benz on social media. X: https://x.com/christine_benz LinkedIn: https://www.linkedin.com/in/christine-benz-b83b523