Recently, Michael Hakoun connected with Morningstar's Director of Personal Finance and retirement expert Christine Benz to review her latest book,
How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement. Her insights challenge conventional retirement wisdom and offer fresh perspectives on creating a fulfilling post-work life.
Hakoun: Your new book takes an interesting approach by incorporating diverse expert opinions rather than presenting a single viewpoint. Why was this important to you?
Benz: There's a tendency in financial advice to present everything as having one "right" answer. But retirement is deeply personal, and what works beautifully for one retiree might be completely wrong for another. By bringing in various experts – from financial planners to hospice doctors – we can explore different approaches and help readers find what resonates with their situation.
Hakoun: You've become an advocate for phased retirement. What sparked that?
Benz: The traditional retirement model of working full-time one day and stopping completely the next just doesn't make sense for many people, both financially and emotionally. Through my research, I've seen how a gradual transition can help people maintain social connections, which emerged as a crucial factor in retirement satisfaction across nearly all my expert interviews. Plus, continuing some work provides financial flexibility and can help bridge gaps in retirement savings.
Hakoun: Your book dedicates significant attention to housing decisions. Why is this so often overlooked in retirement planning?
Benz: We spend so much time talking about investment strategies that we sometimes forget about the practical aspects of where and how people will live. My conversation with Mark Miller opened my eyes to how housing decisions ripple through every aspect of retirement – from healthcare access to tax implications to social connections. It's not just about whether you can afford your home; it's about whether your location supports the lifestyle you want and need as you age.
Hakoun: The book closes with a chapter on purpose from a hospice doctor. That's an unusual perspective for a retirement book. What made you include it?
Benz: Dr. Jordan Grumet's insights were invaluable because he's seen firsthand how people reflect on their lives near the end. He emphasized that purpose doesn't have to mean starting a foundation or changing the world. It can be as simple as being present for family, pursuing a hobby you love, or contributing to your community in small ways. The key is being intentional about how you want to spend your time.
Hakoun: What's the most surprising thing you learned while researching and writing this book?
Benz: The degree to which non-financial factors influence retirement satisfaction. While financial security is obviously important, the happiest retirees I encountered weren't necessarily the wealthiest. They were the ones who had thought carefully about how they wanted to spend their time, maintained strong social connections, and found ways to feel needed and valued in their communities.
Hakoun: What's your top advice for someone approaching retirement today?
Benz: Start thinking beyond the numbers well before retirement. Yes, run the financial projections and develop your investment strategy. But also start experimenting with how you want to spend your time. Build relationships outside of work. Consider where you want to live and why. The more you can plan for both the financial and non-financial aspects of retirement, the smoother your transition will be.
You’re Invited: Join Our Upcoming Retirement Workshop
Ready to dive deeper into these retirement planning insights? Join us April 2 - 4 and April 7 - 8 for a free,
5-day workshop series featuring expert sessions on creating your ideal retirement.
Register Now
Special Bonus Event: Monday, April 7, 2025
Live Interview and Q&A with Christine Benz
Get your retirement questions answered directly by one of the industry's leading experts.
Early Registration Bonus
The first 20 participants to register for the workshop will receive a complimentary copy of Christine's book,
How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement. We’ll also give copies of the book to random workshop attendees, so be sure to
sign up and show up!
