One Simple Tip to Make Spending Easy in Retirement

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5 • 706 Ratings

🗓️ 25 February 2025

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

One of the biggest ironies in retirement is that the people who save and invest the most often struggle the most with actually spending their money in retirement. In this video, I’ll walk you through a simple framework to make spending easier—without guilt or second-guessing. I’ll share a compelling client story, a personal experience, and actionable steps you can take to shift your mindset and enjoy the retirement you’ve worked so hard for. If you’ve ever hesitated to spend on things you va...

Transcript

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0:00.0	One of the great irony is retirement planning is that oftentimes the people that have saved the most
0:04.4	and invested the most for retirement are those same people that have the most struggle when it comes
0:09.0	to spending money in retirement.
0:11.4	So in today's video, I'm going to walk you through a simple framework that makes spending
0:14.5	money in retirement easier, and I'm going to do so by sharing a client story, a personal
0:18.9	story, and then some steps you can take to make this
0:21.8	process easier.
0:25.1	This is another episode of Ready for Retirement. I'm your host, James Cannell, and I'm here
0:29.3	to teach you how to get the most of the life with your money. And now, on to the episode.
0:35.4	There's one story that always comes to mind when I hear people talk about their challenges
0:38.9	when it comes to spending money in retirement. This story goes back a couple of years. I just started
0:43.2	meeting with a couple of new clients. The husband was successful, had a business, sold a business.
0:47.9	Wife was successful, had a business, sold a business. Wonderful people, great portfolio, great
0:53.3	position to support all their goals that they
0:55.0	had in retirement. We started working together and we started writing some projections and saying
0:59.1	based upon the portfolio that you have, what can you support when it comes to your retirement?
1:03.6	We ran through their projections and saw they could support a very comfortable retirement
1:07.2	and even then have a whole lot money left over at the end of retirement than they
1:11.7	had going into retirement. In other words, we started solving for how much more money could you
1:17.1	spend before you actually start running the risk of truly outliving your money. And as we ran these
1:21.9	projections, we started showing they could spend an additional six figures per year for the rest
1:26.6	of their retirement and still
	...

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