The New Rules For Retirement with Morningstar's Director of Retirement Planning Christine Benz

How to make sure your money lasts as long as you do.

A few months ago, AARP released a survey that found that one in five Americans over 50 reported having no retirement savings, and over half don’t think they'll have enough money to keep them going in retirement. While many of us used to have pension plans to keep us afloat in retirement, now the vast majority of us rely heavily on Social Security and 401(k)’s.

Our system and our life expectancy are just different now…which means we need to plan differently. (And yes, this means we need to actually make a plan.) Christine Benz, author of How To Retire: 20 Lessons For A Happy, Successful, And Wealthy Retirement, shares her top strategies for planning the retirement of your dreams.

Chapters:
00:00 The Retirement Crisis
02:00 Planning for Longer Lives
04:01 The Shift in Retirement System
06:50 Challenges of Retirement
10:01 Cognitive Decline and Long-Term Care
13:46 The Bucket Approach to Retirement
22:14 How To Calculate Retirement Needs
26:24 The Impact of Taxes on Retirement
29:04 Non-Financial Aspects of Retirement

Takeaways:
Many Americans over the age of 50 have no retirement savings, and the retirement crisis is a result of the shift from pension plans to individual savings.
Longevity is a significant factor in retirement planning, as people are living longer and need to ensure their savings last.
Social security and 401(k) plans play a crucial role in retirement income, but many people are not taking full advantage of these resources.
Planning for cognitive decline and long-term care is essential, as it can have a significant impact on financial and caregiving responsibilities.
The bucket approach to retirement portfolios, which includes a cash bucket for emergencies, can provide peace of mind and help manage risk.
Retirement is not just about money; it also involves relationships, purpose, and personal fulfillment.

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