Episode #275
Ep: The Richest Corpse in the Graveyard
The Richest Corpse in the Graveyard If you ran out of money, when would it happen? For a growing number of retirees — paid-off home, pension, Social Security, a seven-figure portfolio sitting quietly in the background — the honest answer is probably never. And yet study after study shows this exact group is still the most hesitant to spend a dollar of it. In this episode, David uses a composite family — paid-off home, $3 million invested, pension and Social Security covering nearly all of their monthly expenses — to unpack why disciplined savers keep saving long after saving has stopped being the point, what the research actually says about it, and what to do instead: fund a business start for someone who needs it, launch a scholarship, or hand your grandkid the keys to a car while you're around to watch her drive it away. Why So Many Retirees Underspend Research from the Employee Benefit Research Institute found that roughly one-third of retirees still have 100% or more of their original retirement assets remaining by their mid-80s . Married couples 65 and older withdraw, on average, just 2.1% of their portfolio per year — well below the roughly 5% that current research considers a safe withdrawal rate. David calls this FORO — Fear Of Running Out — the retirement version of FOMO, except what you're missing is your own life. The people this happens to aren't reckless with money — they're the most disciplined savers in the room. As advisor Zach Teutsch puts it, "Overspending is risky. But underspending is risky too." David — who holds the CLTC designation alongside his CFP® — also draws a hard line between vague, unfocused fear and one actual, named risk worth planning for: an extended long-term care event. Solve that risk on purpose, and the rest of the portfolio is free to be used. Money That Moves vs. Money That Sits David's core mission for the show: how we handle our money should positively impact our lives and the lives of those around us. A growing balance doesn't do that on its own — it only matters once it moves. Fund a business start. More than a quarter of people who've helped fund someone's business gave to a close family member. David's practical note: decide up front whether it's a gift, a loan, or an equity stake, and put it in writing. Start a scholarship. A scholarship is legacy you get to watch unfold now — not legacy that waits for a will to activate. Buy the car, watch them drive it. Cash left invested usually outperforms a depreciating asset financially — but if the goal is connection rather than optimization, watching your grandchild's reaction beats a line item in probate. Give with a warm heart, not a cold hand — it doesn't need a tax deduction to be worth doing. Episode Timestamps 0:00 — Cold open: one grandfather, two very different versions of the same gift 2:15 — The data: why one-third of retirees barely touch their savings 6:30 — Why disciplined savers are the most likely to underspend 10:30 — The one legitimate fear worth naming: long-term care 13:30 — The mission statement, and why a growing balance isn't the goal 14:15 — Funding a family member's business start 17:00 — Starting a scholarship while you're alive to see it work 19:30 — The car in the driveway, and the tax-deduction question, answered directly 23:30 — Permission to spend: why the gap only closes with a real plan 27:00 — Wrap-up and next steps Have You Already Won the Game? If your expenses are mostly covered and your portfolio is quietly growing untouched, you don't need a guess — you need an actual answer. Book a free 20-minute Vision Call with David: weeklywealthpodcast.com/vision Related Episodes Ep. 267: What If You Have Already Won? — the Freedom Point episode this one builds directly on. Ep. 261: Six Retirement Philosophies — a broader look at the mindsets that shape how people actually spend, or don't, in retirement.
