“Off the Wall” Podcast

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What You Need to Know About Planning Your Income After Your Career Ends with Morningstar’s Christine Benz

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You want to be as financially unbreakable as possible, even after your career ends, right? No matter what age you “retire”, or stop working, you still need to have an income to thrive. So, how do you plan to have an income after you stop working?

In this episode of Off the Wall, hosts David Armstrong and Jessica Gibbs welcome Christine Benz, Director of Personal Finance and Retirement Planning at Morningstar, to talk about how to plan to have an income when you aren’t working anymore, regardless of your age.

Listen in to learn the recommended withdrawal rate for spending, the role of asset allocation and inflation in retirement planning, and how to navigate a down market near the end of your career. Plus, you’ll learn tips and tactics for making your savings last longer, refilling your cash reserve after spending it, and improving the sustainability of your post-career wealth plan.

“Most people, if they have a more vanilla asset class exposure in their portfolios, will not find easy pickings for rebalancing, which is why I think we come back to this idea of having 12 months’, 18 months’, 2 years’ worth of portfolio withdrawals in cash to protect you in an environment like this one.” – Christine Benz


Episode Timeline/Key Highlights

[00:55] Introducing Christine Benz & The topic of today’s episode

[02:59] The 4% withdrawal rate explained & Is it still the right rule of thumb for retirement?

[08:21] Variables, like bequest motives, that influence your personal withdrawal strategy.

[11:38] When is the updated Morningstar report on withdrawal rates coming out?

[12:36] Sequence of return risk & How should investors navigate a down market around the end of their full-time job?

[21:14] How to refill and rebalance your cash bucket, bond bucket, growth bucket, etc.

[29:03] Practical ways to make your savings last longer without compromising your quality of life.

[33:55] Do I need a financial planner?

[35:36] How to approach rising inflation in retirement.

[42:03] Unique challenges and decisions that come with a $5 million+ portfolio.


Relevant Resources & Episodes Mentioned

Listen to The Long View podcast: https://bit.ly/3SaKsJ6

Read “The State of Retirement Income: Safe Withdrawal Rates”: https://bit.ly/3PMxwrl

Your Money or Your Brain by Jason Zweig: https://amzn.to/2M96AFx

The Little Book of Safe Money by Jason Zweig: https://amzn.to/3bea9Ib


About Christine Benz

Christine Benz is Morningstar’s director of personal finance and retirement planning and author of 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances and the Morningstar Guide to Mutual Funds: 5-Star Strategies for Success. She’s also the host of Morningstar’s podcast, The Long View, where she talks to influential leaders in investing, advice, and personal finance about a wide range of topics like asset allocation and balancing risk and return.

In 2020, Christine was named to the Investment Advisor 25 (IA25), ThinkAdvisor’s List of the 25 Most Influential Financial Leaders, and Barron’s Inaugural List of 100 Most Influential Women in U.S. Finance.


Connect with Christine

Follow her on Twitter: https://bit.ly/3PW0IvQ

Connect with her on LinkedIn: https://bit.ly/3ORRBeA

Buy Christine’s books: https://amzn.to/3QcH8v5

Read articles written by Christine: https://bit.ly/3cZ4tSK

Listen to The Long View podcast: https://bit.ly/3bmwdjZ


Connect with Monument Wealth Management

Visit our website: https://bit.ly/monumentwealthwebsite

Follow us on Instagram: https://bit.ly/MonumentWealthIG

Follow us on Twitter: https://bit.ly/MonumentWealthTW

Connect with us on LinkedIn: https://bit.ly/MonumentWealthLI

Connect with us on Facebook: https://bit.ly/MonumentWealthFB

Subscribe to our blog: https://bit.ly/MonumentWealthBlog


About “Off the Wall”

Off the Wall is a podcast aimed at helping you answer the questions: What is the point of my wealth, and what actions can I take to accomplish that purpose? Your answers to those questions will be different from everyone else’s. As Wealth Managers, we’re skilled at helping our clients think through these challenging, but important, questions.

Learn more about our hosts, Dave and Jessica on our website at https://monumentwealthmanagement.com.

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures.