The Setup:

On the final installment on our series about the missteps that savers make along the way, we turn our attention to something most people love to do: spending. Savers aren’t the best at this because it’s a complete shift in mindset, but there will come a time when you need to spend the money you’ve been working so hard to accumulate.

Click the timestamps below to skip to a specific topic in the episode.

The Combination:

Let’s face it, savers are savers for a reason. They’d much rather sock money away in the bank than buy the latest gadget. They know where to find a great deal, but they also know when even a bargain isn’t a necessity.

But when you transition into retirement, it’s a different chapter in your life and those financial plans begin shifting. No longer are you worried about earning and accumulating. It’s now about maintaining and enjoying. That shift in mindset can be a challenge for many savers because it goes against everything they’ve been programmed to do financially.

There comes a time when you need to spend those hard-earned dollars and that’s the focus of our last installment of the four-part series, ‘The Risks That Savers Face.’ Ben Schrock and Keith Lockwood will explain why this can be difficult for many people but why it’s necessary for retirees on this episode of Unlocking Your Financial Future. The guys will also share a couple client stories about people that have been able to enjoy their savings and take full advantage of their retirement.

We’ll also get to know Ben and Keith a little better by asking them which movie they’ve never seen that just about everyone else has. Their answers will surprise you.

We’ve laid out the main topics below. Click the timestamps to jump around in the episode.

Key Points:

[1:01] – Welcome Ben and Keith.

[1:24] – We love the success stories from our clients

[2:34] – Getting to Know Ben: What’s the most universally well-known movie that you’ve never seen before?

[4:58] – Let’s move to our main conversation on savers.

[5:41] – It’s a different mindset for savers when they move into retirement.

[6:58] – How does that process work with clients when they want to know what they can spend?

[8:33] – Client story about someone that’s spent their money.

[9:29] – Life happens so take advantage of your chance to enjoy your retirement.

[10:59] – We also see people that love spending money and sometimes we have to slow them down.

 

Related Content:

The Risks Savers Face: The Tax Time Bomb – Part 3

The Risks Savers Face: Being Too Aggressive – Part 2

The Risks That Savers Face: Too Much Cash – Part 1