How to Retire audiobook cover - 20 lessons for a happy, successful, and wealthy retirement

How to Retire

20 lessons for a happy, successful, and wealthy retirement

Christine Benz

★ 3.7 / 5(6 ratings)
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Categories:
Career & SuccessMoney & InvestmentsPersonal Development

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How to Retire
Early Planning & Purpose+
Financial Strategy & Income+
Portfolio Simplification+
Home & Lifestyle Adjustments+
Women's Unique Challenges+
Family Communication & Legacy+

Quiz — Test Your Understanding

Question 1 of 8
What is a recommended action to take three years before your planned retirement?
  • A. Start drawing Social Security early to build cash reserves
  • B. Try living on your projected retirement budget to see if it is manageable
  • C. Move all of your investments entirely into cash
  • D. Purchase a new home in your desired retirement location
Question 2 of 8
According to the text, what is the financial benefit of delaying Social Security benefits up to age 70?
  • A. It eliminates taxes on your benefits
  • B. It guarantees a matching contribution from the government
  • C. It allows you to withdraw your benefits as a single lump sum
  • D. It increases the benefit by 8 percent each year
Question 3 of 8
How do retirement spending patterns typically change as retirees age into their 70s?
  • A. Spending generally decreases due to lifestyle changes
  • B. Spending stays exactly the same if following the 4 percent rule
  • C. Spending increases dramatically due to more travel and leisure
  • D. Spending fluctuates wildly based strictly on the stock market
Question 4 of 8
In the 'bucket approach' to retirement portfolios, what is the primary purpose of the first bucket?
  • A. Long-term growth through stocks
  • B. Medium-term spending stability through bonds
  • C. Holding cash reserves for immediate living expenses
  • D. Covering unexpected long-term care expenses
Question 5 of 8
Why does the author advise women against having an overly conservative investment portfolio?
  • A. Women typically retire much earlier than men and need immediate high-yield returns
  • B. They need growth-focused investments like stocks to outpace inflation over a longer lifespan
  • C. Conservative investments require too much active management and high fees
  • D. Fee-only advisors generally refuse to manage conservative portfolios
Question 6 of 8
What is the concept of a 'worry-free number' in retirement spending?
  • A. The exact total amount needed in savings to retire safely
  • B. An amount you can spend on a purchase without feeling anxious
  • C. The guaranteed monthly payout from an annuity
  • D. The maximum amount of debt you can carry into retirement
Question 7 of 8
How does the author suggest viewing 'purpose' in retirement?
  • A. It must involve a monumental achievement like large-scale philanthropy
  • B. It should strictly revolve around financial success and wealth preservation
  • C. It can be found in small, meaningful actions like reconnecting with hobbies or relationships
  • D. It is usually provided by continuing to work full-time in a new industry
Question 8 of 8
When seeking financial advice, what type of professional is specifically recommended to help navigate complex retirement challenges?
  • A. A broker who works on commission for stock trades
  • B. A fee-only, certified financial planner who is a fiduciary
  • C. An insurance agent specializing solely in annuities
  • D. A family member with personal experience in the stock market

How to Retire — Full Chapter Overview

How to Retire Summary & Overview

How to Retire (2024) offers a detailed guide to building a financially secure and fulfilling retirement. It covers essential strategies like managing investments, maximizing Social Security benefits, and preparing for long-term care. Alongside financial advice, it emphasizes the importance of maintaining health, nurturing relationships, and finding purpose, helping you approach retirement with confidence and balance.

Who Should Listen to How to Retire?

  • Retirees seeking financial stability and fulfilling life choices
  • Pre-retirees preparing for long-term financial and lifestyle planning
  • Women planning for retirement and long-term care needs

About the Author: Christine Benz

Christine Benz is the director of personal finance and retirement planning at Morningstar and a senior columnist for Morningstar.com. She specializes in retirement and portfolio planning for individual investors and co-hosts The Long View podcast, where she interviews financial thought leaders. Widely quoted in publications like The New York Times and The Wall Street Journal, she’s been recognized as one of Barron’s 100 Most Influential Women in Finance. Benz is also the author of 30-Minute Money Solutions and co-author of the best-selling Morningstar Guide to Mutual Funds.

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