David Blanchett

But to me, there's also there's this behavioral angle of like, if I know that no matter how long I live, it changes your relationship with your savings.

People have said, David, I've got millions of dollars of savings.

There's no way I'm going to go broke.

I would say, OK, cool.

Like, well, why aren't you spending down your money?

Like, what's holding you back?

And I think what I have found talking to advisors, retirees, etc.,

is that when you know that no matter how long you're going to live, you're going to be okay, it changes the relationship with your savings.

It might make you more willing to do things in another way.

So I would say even like Bill Gates, you pick anybody.

If you have your essential expenses covered, it's going to change how you perceive using the rest of what you got in terms of enjoying your retirement.

Yeah.

And to kind of put, you know, numbers to it, you know, we were just talking about 4% or 5%.

Well, like, I mean, it's kind of a complex analysis, but, you know, I would estimate withdrawal rates at retirement closer to 2% from savings for most retirees.

And I think part of it is like, you know, we train people to be ants for like.

30 or 40 years, like you got to save, you got to get watch this balance grow, like grow, grow, grow, like you don't want to work at Walmart.

And so like, we've created a system that is all about saving, not about spending.

And it's not easy for people to do that.

You just can't flip a switch.

Well, some people you can, but for most people, you can't and just all of a sudden get to spending.