Maddy Dychtwald

speaker

77 appearances 1 recordings 1 series first heard Aug 2022 last heard Aug 2022

Maddy Dychtwald’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How Retirees Are Making Life Changes Because of Inflation · 30 Aug 2022 podcast

That was a game changer for them.

Yeah, it makes them look at them and try to reconsider what are their options.

I would say that every step of the way through our lives, we have to deal with course corrections, whether it be financial or physical or in many ways with our families.

But what retirees have found is they may have to stop and think, how am I going to do things differently?

So maybe they're living in where I live, California, which is a very

expensive place to be retired.

And they're saying, hmm, maybe it's time to move.

Maybe I should think about Oregon or someplace in North Carolina where it's beautiful also, but less expensive to buy a home.

Or maybe they need to take a different kind of vacation instead of taking that river cruise in Europe that they were thinking about, taking a road trip to one of the national parks.

I mean, there's all kinds of

financial course corrections that retirees are really beginning to consider.

And if they're not considering it, they may want to start considering it.

Well, that's something that is very important to retirees.

In our study, what we found is during the pandemic, retirees really began to reconsider their priorities and family came out at the top of the food chain.

What we learned is really pretty interesting.

We asked retirees in our study,

Would you support a family member even if it put your own financial well-being in jeopardy?

And shockingly, 70% said absolutely yes, I would.

Now, that's a problem and it's very dangerous.

It's something that might come back to bite their families, in fact, because if retirees spend down their savings on family members, their family members might ultimately end up having to help support the retirees as they get older and may have to cope with a disease of some sort or disabilities of some sort.

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