Jean Chatzky's mother died with $1.7 million untouched in her retirement account – money she was too afraid to spend. In this episode, David Bach sits down with Jean, bestselling author and founder of HerMoney.com, to talk about her new book, The Forever Paycheck, and why so many retirees can't bring themselves to enjoy the money they spent a lifetime saving.
They dig into why $45 trillion is sitting in American retirement accounts with almost none of it coming out, the psychology behind why we treat savings like "precious cargo" we're afraid to use, and what it actually means to build a "forever paycheck" – a reliable stream of income that lets you spend with confidence instead of fear. Jean also breaks down the different types of annuities, challenges the popular 4% withdrawal rule, and explains why your first decade of retirement — the "go-go years" – is the one you can't afford to spend too cautiously.
Jean Chatzky has written over a dozen personal finance books, spent 25 years with the Today Show, and hosts the PBS series Opportunity Knocks. Her new book, The Forever Paycheck, is out on September 8th.
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Listen to the last episode Jean recorded on David's podcast here.
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