Episode 118: Retirement is Not an Endless Vacation

Summer vacation is coming to an end. While physicians don’t get summer vacation like students and teacher do, we may think that vacation will come when we retire. While the first few months, or even years, or retirement might feel somewhat like vacation, retirement is not an endless vacation. 

In this episode, I talk about Ty Bernicke, a Certified Financial Planner, who believes people need less for retirement than what traditional financial planning recommend. He published a paper called “Reality Retirement Planning: A new Paradigm for an Old Science” in 2005 which discusses how people tend to spend less money as they age in everything other than healthcare. When accounting for the decreased spending that occurs later in life, it’s possible that such a big nest egg isn’t actually needed. Read his article, which can be found free online at https://robberger.com/wp-content/uploads/2024/02/RealityRetirementPlanning.pdf or listen to the podcast episode to learn more. 

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Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

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